Former China Southern Securities official sentenced to 15 yrs in jail - report
Yang Zenghai, a former official of China Southern Securities Co Ltd, was sentenced to 15 years in prison by the Beijing No 2 Intermediary People's Court for misappropriation of 50.60 mln yuan, an official China website reported.
Yang was former deputy manager of the trading department in the Beijing branch of Southern Securities, the country's fifth-largest brokerage, which was taken over by the Chinese government earlier this year for alleged mismanagement and financial irregularities.
Between Nov 1996 and Oct 2001, Yang misappropriated a total of 50.60 mln yuan in entrusted funds from two construction companies, and invested it in the stock market for personal use.
Yang returned most of the funds he misused, but as much as 4.4 mln yuan had not yet been returned by June 7 this year, said China Court Net, an online media outlet of the Supreme Court.
Shanghai Automotive and Beijing Capital Co Ltd (SHA 600008) are Southern Securities' largest shareholders, with each holding a 10.41 pct stake. Other shareholders include the country's big four state commercial banks.
(1 usd = 8.3 yuan)
原南方证券经理杨增海挪用公款被判15年
官方的中国法院网称, 北京市第二中级人民法院对原南方证券有限公司北京分公司交易管理部副经理杨增海涉嫌挪用公款五千余万元案做出判决。认定被告人杨增海犯挪用公款罪,判处有期徒刑15年。
案件指出,在1996年11月至2001年10月间,杨增海挪用两家建筑公司的委托资金5,060万元擅自用于个人证券交易活动。
期间, 杨增海陆续归还两单位大部分委托资金, 但至今年6月7日尚有委托资金人民币440万元未归还。
