Friday, October 30, 2020

China: Ex-Manager for Bank of Communications sentenced to 9 years in prison for bribery

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The former manager accepted more than 10 million yuan in bribes and embezzled a further 820,000 yuan, representing illegal gains from organising employee competitions and events.

A Shanghai court has sentenced a former Bank of Communications manager to nine years in prison for bribery and embezzlement, Caixin has reported.

The former senior manager, 37-year old Yu Tao, first detained about a year ago, was convicted on seven charges of bribery in a judgment handed down last Thursday (5 March).

According to Caixin, Yu was found to hand abused his power while acting as a manager in Bank of Communications’s employee department, where he was charged with responsibilities for procuring services for employee benefits and events.

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Yu was also guilty of making illegal gains from organising employee competitions and buying prizes for the events. In particular, he is said to have accepted bribes of more than CNY 7.2 million from one vendor, Shanghai Xinrui Industrial, in exchange for leaking bids submitted by competing tenderers, or directly appointing the company as a supplier for some activities.

Yu is said to have asked for and accepted bribes totalling more than CNY 10.72 million (USD 1.5 million), and embezzled CNY 820,000 from his employer.

Investigators found CNY 8 million in cash in the freezer at Yu’s home, bank employees were reportedly told in an internal meeting.

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