2024-01-02T09:58:00+02:00 China 2024-09-15T04:49:59+03:00

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Former CSIC chairman sentenced to 13 years in jail for bribery, abuse of power

Former CSIC chairman sentenced to 13 years in jail for bribery, abuse of power

A Chinese court sentenced Hu Wenming, former chairman of China Shipbuilding Industry Company Limited (CSIC), to 13 years in prison for bribery and abuse of power. This was reported by The Xinhua News Agency.

Hu was also fined 5 million yuan and had all of his illegal gains from bribery recovered and turned over to the state treasury, according to the verdict of the First Intermediate People's Court of Shanghai.

He was found guilty of taking advantage of his former positions at state-owned enterprises between 2001 and 2020 to help relevant organizations and individuals in project contracting, business cooperation, asset acquisition, personnel promotion and deposits collection, the court ruling stated. Hu took money and valuables worth over 59.86 million yuan (about 8.43 million U.S. dollars) in return.

Between 2013 and 2015 he also abused his power as CSIC chairman in a restructuring project of a CSIC subsidiary and caused huge losses to national interests, the court said.