Life for former rail chief | Shanghai Daily

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Life for former rail chief

A FORMER north China railway group chairman was jailed for life yesterday for misappropriating almost 100 million yuan (US$14.64 million) of public money.

Liu Guiting was also convicted of embezzling more than 13 million yuan, taking 500,000 yuan in bribes, and giving more than 2 million yuan and US$320,000 to government offices during his tenure as chairman of Beiya Industrial Group Co.

Beiya was listed on Shanghai Stock Exchange in May 1996, as the first railway stock in China. It specialized in passenger and freight transport, and high-tech railway product development.

Liu was arrested during an attempt to flee the country in June 2006.

Former head of Beijing Railway Administration Li Shutian was jailed for 13 years, and Ding Ruopeng, former director of Heilongjiang Provincial Branch of the China Securities Regulatory Commission, for 11 years for taking bribes from Liu.

He Hongda, former director of Political Department of the Ministry of Railways, and former vice director of Harbin Railway Administration Hao Xuebin have been referred for prosecution in connection with the case.

Beiya became bankrupt in January 2008.





 

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