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Corrupt securities trader executed in Beijing

2009-12-10 09:01 BJT

A senior trader in Beijing has been executed on corruption charges. The Supreme People's Court approved the death penalty for Yang Yanming, who embezzled tens of millions of Reminbi. It is the first execution of a senior manager in China's financial sector.

In April 2004, 46-year-old Yang Yanming opened the valves of a gas tank, cut his wrist and attempted to commit suicide in his rented house. Yang was discovered and was saved.

Police investigations unveiled Yang had embezzled and misappropriated more than 90 million yuan or 14 million US dollars in public funds from 1998 to 2003.

During this period, Yang served as general manager of the Beijing securities trading department of the China Great Wall Trust and Investment Corporation.

Yang Yanming withdrew money from more than 70 company accounts and used the funds for personal benefits, including starting up a private company, purchasing homes and investing in other businesses.

Yang Yanming kept silent on the whereabouts of the money he had taken. He was sentenced to death on December 13th, 2005 by Beijing No.1 Intermediate People's Court in a first-instance trial after being convicted of embezzlement.

The Higher People's Court of Beijing ruled against Yang's appeal and upheld the death penalty on April 21st of this year.

Editor: Liu Anqi | Source: