Former China Investment Banker Loses Death Sentence Appeal

[hatrack]

Source: AFP

The former head of a Chinese investment bank has lost his appeal against a two-year suspended death sentence for his part in one of China's biggest financial corruption scandals, state press said Tuesday.

Shi Xue, who headed the Hainan Huayin International Trust and Investment Company, was sentenced in January, and his appeal was turned down by the high court in Hainan, southern China, in "recent days," Xinhua news agency said.

Shi, who also headed the now defunct Dalian Securities Company Ltd in the northeast of China, was found guilty of illegally amassing 2.4 billion yuan (350 million dollars) in deposits from clients and embezzling 260 million yuan, the report said.

The case was part of a crackdown at up to 10 investment banks that came to light in March 2002 and involved up to 26.4 billion yuan, one of China's biggest-ever investment fraud cases, the report said.



Read more: http://www.sinodaily.com/reports/Former_China_investment_banker_loses_death_sentence_appeal_999.html

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Well, I guess you have to give some credit to the Chinese on this one . . .

[Virginia Dare]

1. Meanwhile our CEO's get multi million dollar golden parachutes..

there's got to be some middle ground here...:shrug:

[ingac70]

2. Death sentences for white collar criminals sounds like...

a wonderful idea to me. If we did that here, perhaps the Government could put the executions live on pay per view to reimburse those who got swindled.

[Robbien]

3. This death penalty was put into place in China

after the Chinese found that most of their bankers were crooks and that no matter what regs were put in place, the crooks just ignored them.

It took threatening to put them to death to stem the corruption.

Wonder what it will take to stop our barrel of rotten apples.

[SemperEadem]

7. corrupt ceo's should be treated at traitors

and delivered up to the full horrors of the traitors' death. Their families should give up everything they got from the ill gotten gains and made to live on what they brought to their coffers on their own. They should be stripped of anything that those ill gotten gains availed them of the good life and be forced to pay back, with crippling interest, the money they took and used.

[dysfunctional press]

4. replace "chinese" with "wall st", and it's the kind of headline we need to be seeing A LOT more of..

in this country- but never will...:shrug:

until the revolution comes.

[bobthedrummer]

5. This should be instituted in HOMELAND (tm).

[Politicalboi]

6. Since China owns us anyway

I wish they would come over here and clean house. All the way to the White House.