Article: Former company chairman sentenced to life for bank fraud, taking bribes

Former company chairman sentenced to life for bank fraud, taking bribes

JINAN, Feb. 12 (Xinhua) -- Zhang Jialing, former board chairman of China Qingqi Group Co. Ltd, a large majority state-owned motorcycle manufacturer, was sentenced to life in prison for letter of credit fraud and taking bribes on Wednesday, a court in east China's Shandong Province said.

All the wealth of Zhang, 67, who played a leading role in promoting a small motorcycle manufacturer into the city's first listed company in Shanghai Stock Exchange in the 1990s, was confiscated.

In addition, the company was fined 10 million yuan for letter of credit fraud. Its Guangsu branch was fined 12 million yuan for tax evasion, ...

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