Beijing bank official gets life in jail for fund misuse
( 2003-07-31 16:50) (Xinhua)
A former senior official at a Beijing bank was sentenced to life in prison
for misusing 25 million yuan (US$3 million) of public funds.
The Beijing No. 1 Intermediate People's Court found Zeng Yujing, a deputy
branch head at Beijing City Commercial Bank, guilty of misappropriating money to
try to paper over some bad loans he made.
Zeng was found to have diverted 10 million yuan in bank funds in 1996 to
balance the books after making irregular loans that turned sour.
In October of 1997, Zeng, in collusion with Shang Yuguang and Yang Chen,
transferred over 15 million yuan (US$1.8 million) from an account of the China
National Philatelic Corp. (CNPC) into his personal account at the East Qianmen
Branch of the Commercial Bank of Beijing. Zeng was also found to have used the
embezzled funds to make loans.
Shang formerly served as the head of the capital department of the Zhushikou
Branch of the Industrial and Commercial Bank of China, and Yang Chen was
formerly a CNPC cashier. Shang got six years in prison while Yang got 10 years.
Beijing City Commercial Bank is among several small Chinese banks seeking
foreign partners at a time of increasing competition after China's entry into
the World Trade Organisation.
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