Yang Yanming, former general manager of a Beijing trading
business department with China Yinhe Securities Co. Ltd., was
sentenced on Tuesday to death for graft and embezzling nearly 100
million yuan in public funds.
The sentence was handed down by the No.1 Intermediate People's
Court of Beijing Municipality.
The court was told that Yang, 57 and a native of Beijing, served
as general manager of a Beijing securities trading business
department of China Yinhe Securities Co. Ltd (formerly known as
China Great Wall Trust and Investment Corporation) from June 1998
to August 2003.
During this period, Yang, whose department was first renamed
Hufangqiao trading business department and later Wangjing Xiyuan
trading business department, reportedly misused and embezzled a
total of 97.56 million yuan (about US$12.03 million) of public
funds to carry out various activities including starting up a
private company, purchasing real estate and investing in
futures.
However, Yang, who had attempted suicide twice, contested the
total amount he is charged with embezzling, claiming that it was
only 25.4 million yuan. He denied responsibility for the remaining
72.16 million yuan, and refused to tell the whereabouts of the
money because he did not have the relevant evidence.
Yang will appeal the decision.
(Xinhua News Agency December 14, 2005)
