China / Society

SOE boss jailed for embezzling $9.7m

By Sun Li (chinadaily.com.cn) Updated: 2014-08-04 20:12

The head of a State-owned company in Suqian, Jiangsu province, has been jailed for embezzling more than 60 million yuan ($9.7 million), Modern Express reported on Monday.

The fraudster, surnamed Hu, began taking money from the company in 2009 and lent some to a real estate developer. He was later given a large discount when he bought a house from the developer.

Hu also lent money to other companies, including one that he held shares in, and received large payments in return. He was sentenced to seven years.

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