Former executives of fugitive Guo sentenced, company fined
7 years, 7 months ago

Former executives of fugitive Guo sentenced, company fined

China Daily  

Three former executives of fugitive Chinese billionaire Guo Wengui were convicted of fraudulently obtaining loans and bill acceptance on Friday and two of them were sentenced, a court in Henan province said. Zhang Xincheng, former financial director of Henan Yuda Real Estate Co, controlled by Guo, was sentenced to two years in prison, while Guo Lijie, the company's former deputy manager, was sentenced to 18 months with a two-year reprieve, according to a statement of the Kaifeng Intermediate People's Court. Another defendant, Xiao Yanling, the ex-deputy head of the company's financial department, was convicted of fraudulently obtaining bill acceptance, but she was exempted from criminal penalty as she had voluntarily surrendered and her crime was lighter than others, the statement said. The court said the three defendants fraudulently obtained loans and bill acceptance of nearly 1.5 billion yuan by registering shell corporations, forging contracts and employing fake investment projects from 2008 to 2015.

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