The head of a State-owned company in Suqian, Jiangsu province, has been jailed for embezzling more than 60 million yuan ($9.7 million), Modern Express reported on Monday.
The fraudster, surnamed Hu, began taking money from the company in 2009 and lent some to a real estate developer. He was later given a large discount when he bought a house from the developer.
Hu also lent money to other companies, including one that he held shares in, and received large payments in return. He was sentenced to seven years.
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263 Registration Number: 130349 
