Airline Exec given death sentence for mismanagement

Tail Gunner Joe

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http://www.chinadaily.com.cn/china/2008-08/24/content_6965604.htm

A former top official at Guangzhou-based China Southern Airlines Group was sentenced to death with a two-year reprieve on Friday while another got five years in prison for embezzling a total of 1.5 billion yuan ($220 million).
Three people were accused in the case - finance department director Chen Liming, group vice-general manager Peng Anfa, and Han Xiaojun, Guangzhou branch director of Hantang Securities, Guangzhou Daily reported Saturday.
Prosecutors alleged Chen embezzled 1.2 billion yuan, took bribes totaling 53.7 million yuan and stole company funds of 12.3 million yuan from 2001 to 2005 through misconduct in a collective asset management business with Hantang Securities.
Chen, 59, was sentenced to death with a two-year reprieve by Guangzhou Intermediate People's Court.
About 300 million yuan of the embezzled funds were associated with former vice-general manager Peng. The fund, which was illegally given to Han on Peng's permission, was not been returned to China Southern Airlines Group, prosecutors said.
Peng was sentenced to five years' imprisonment by the court.
Hantang Securities and its Guangzhou branch director Han Xiaojun were accused of taking bribes. The company is required to pay a fine of 500,000 yuan, and Han was sentenced to five years' imprisonment.
Defendants Chen, Peng and Han appealed against the court's decision, while Hantang Securities said it would consider whether it should appeal.
The group is the parent of Guangzhou's New York-listed China Southern Airlines. The company is also listed in Shanghai and Hong Kong.
According to the charges, Chen, Peng and the group's general manager conspired in August 2001 to embezzle the group's bank loans to invest in asset management businesses with fixed returns in the name of the group company, in order to solve the group's financial difficulties.
Chen was allegedly authorized by the general manager to borrow from the bank and signed agreements with securities firms on the investments, while Peng helped oversee the process, prosecutors said.
Chen allegedly allocated more than 1.6 billion yuan for the transactions at Hantang Securities between August 2001 and April 2003.
 

Golden Falcon

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And they should be after all the lives they ruined...
 

On Your Six

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That's why Orenstein at Mesa refuses to visit China - he would be executed! Tilton has cut back on his trips there too...
 

skyaddict

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I was thinking the same thing about Scumstein- that at the very least he might face hard labor hauling sh*t and coal up and down mine shafts or something if he didn't bail in time.

I have to give it to the Chinese on this one- even if they play scapegoats, the worst case sure is a better deterrent than mowing the grass while soaking up rays in a minimum security joint outside Eglin AFB.
 

Raskal

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Yeah, except we don't call it embezzling here, we prefer the term 'very successful CEO'
 

PBRstreetgang

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V1cutsrfun

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http://www.chinadaily.com.cn/china/2008-08/24/content_6965604.htm

A former top official at Guangzhou-based China Southern Airlines Group was sentenced to death with a two-year reprieve on Friday while another got five years in prison for embezzling a total of 1.5 billion yuan ($220 million).
Three people were accused in the case - finance department director Chen Liming, group vice-general manager Peng Anfa, and Han Xiaojun, Guangzhou branch director of Hantang Securities, Guangzhou Daily reported Saturday.
Prosecutors alleged Chen embezzled 1.2 billion yuan, took bribes totaling 53.7 million yuan and stole company funds of 12.3 million yuan from 2001 to 2005 through misconduct in a collective asset management business with Hantang Securities.
Chen, 59, was sentenced to death with a two-year reprieve by Guangzhou Intermediate People's Court.
About 300 million yuan of the embezzled funds were associated with former vice-general manager Peng. The fund, which was illegally given to Han on Peng's permission, was not been returned to China Southern Airlines Group, prosecutors said.
Peng was sentenced to five years' imprisonment by the court.
Hantang Securities and its Guangzhou branch director Han Xiaojun were accused of taking bribes. The company is required to pay a fine of 500,000 yuan, and Han was sentenced to five years' imprisonment.
Defendants Chen, Peng and Han appealed against the court's decision, while Hantang Securities said it would consider whether it should appeal.
The group is the parent of Guangzhou's New York-listed China Southern Airlines. The company is also listed in Shanghai and Hong Kong.
According to the charges, Chen, Peng and the group's general manager conspired in August 2001 to embezzle the group's bank loans to invest in asset management businesses with fixed returns in the name of the group company, in order to solve the group's financial difficulties.
Chen was allegedly authorized by the general manager to borrow from the bank and signed agreements with securities firms on the investments, while Peng helped oversee the process, prosecutors said.
Chen allegedly allocated more than 1.6 billion yuan for the transactions at Hantang Securities between August 2001 and April 2003.
Why the 2 year reprieve? Is part of the punishment sitting in a prison for 2 years before they harvest his remaining usable organs and sell them to the highest bidder?

Death by Unga bunga!

V1
 

LearLove

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I take back everything bad i ever said about china. Gonna order General Tso chicken tonight in honor.
 
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