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)
