Subscribe free to our newsletters via your
  China News  

Subscribe free to our newsletters via your

China executives tied to Communist Party critic convicted
by Staff Writers
Beijing (AFP) June 16, 2017

A senior executive of an investment firm linked to fugitive Chinese billionaire Guo Wengui was jailed Friday for more than two years for fraud.

Lu Tao, who worked for Beijing Pangu Investment, was convicted on charges of obtaining loans and foreign exchange "by fraud", a court in northeastern China said.

Chinese authorities often use criminal proceedings to punish critics and those perceived as threatening their grip on power.

Lu and his colleagues, Xie Honglin and Yang Ying, confessed to fraud involving 3.2 billion yuan ($470 million) in loans from the Agricultural Bank of China.

Lu was jailed for two years and three months, and the company was fined 245 million yuan, Dalian Xigang People's Court said on its social media account.

Xie and Yang were sentenced to two years in prison with a three-year "reprieve", it said, suggesting they will avoid jail time.

The three defendants had told the court that Guo, an outspoken critic of China's ruling Communist Party, was Pangu's "actual controlling shareholder".

Guo directed them "to apply for loans from the bank with fake contracts, stamps and financial statements, which disturbed financial management order and threatened financial security", the court said.

Lu and Xie also fraudulently obtained $13.5 million in foreign exchange "with falsified documents".

Lu told the court he had "privately engraved an official seal" for use on their loan applications.

"I knew (this was illegal)," Lu said, according to video published previously on the court's social media account.

"It was Guo Wengui who instructed me to do it, under the circumstances at the time I had no choice."

Guo, who left China in 2014 and currently lives in New York, has denied the allegations.

In recent months Guo has been using social media to make explosive accusations of corruption among China's powerful, including Wang Qishan, the head of the government's internal corruption watchdog.

The real estate tycoon is the subject of an Interpol "red notice" for his arrest, a non-binding warrant.

China web users take aim at property clampdown
Shanghai (AFP) June 11, 2017
Chinese social media users on Sunday angrily criticised a Shanghai government crackdown on unauthorised real estate activity after images emerged online showing an apparent protest in the city over the restrictions. Pictures and video have circulated showing hundreds of people engaged in a tense stand-off with police, said to have taken place late Saturday night in a busy central Shanghai sh ... read more

Related Links
China News from

Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.

SpaceDaily Contributor
$5 Billed Once

credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly

paypal only

Comment using your Disqus, Facebook, Google or Twitter login.

Share this article via these popular social media networks DiggDigg RedditReddit GoogleGoogle

Moon or Mars - humanity's next stop

China's space station to help maintain co-orbital telescope

Seeds of 5,000-year-old tree bud after returning from space

Reusable craft are in CASIC's plans

IMF raises China growth forecast, urges faster reforms

French miner signs Guinea bauxite deal with Franco-Asian consortium

ECB swaps some dollar reserves for renminbi

Britain can stay in EU but perks will end: Verhofstadt

Trump says US committed to NATO's mutual defense pledge

Juncker says Europe can no longer 'outsource' protection

Japan clears way for first emperor abdication in over 200 years

Pentagon praises 'very helpful' Russia in southern Syria

Japan court clears way for nuclear reactor restarts

AREVA-EWN consortium to dismantle the Reactor Pressure Vessel at Brunsbuttel

UNIST improves remote detection of hazardous radioactive substances

German court nukes tax on power firms

Thales opens CyberLab facility in Belgium for training against attacks

SeaGlass brings transparency to cell phone surveillance

Saab starts cyber-security company

'Tallinn Manual 2.0' -- the rulebook for cyberwar

Japan court clears way for nuclear reactor restarts

AREVA-EWN consortium to dismantle the Reactor Pressure Vessel at Brunsbuttel

UNIST improves remote detection of hazardous radioactive substances

German court nukes tax on power firms

It's a breeze: How to harness the power of the wind

ADB: Asia-Pacific growth tied to renewables

GE Energy Financial Services Surpasses $15 Billion in Renewable Energy Investments

U.S. states taking up wind energy mantle

Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News

The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement