Former China Investment Banker Loses Death Sentence Appeal
"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. "
"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. "


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