Five linked to exile Guo Wengui admit plunder

China | 11 Aug 2017 5:23 pm

Five individuals related to exiled tycoon Guo Wengui who went on trial today in northeastern Dalian pleaded guilty to the charges they faced.

Qu Long, former executive of Tianjin Huatai Holding Group and former Huatai chairman Zhao Yun'an were accused of misappropriation of funds, while the other three defendants, all ex-employees of Guo's company, were charged with embezzlement.

They all pleaded guilty and expressed remorse, Xinhua reported. The verdict will be announced at a later date.

They asked for leniency, saying they acted on the instructions of Guo.

Guo, who lives in New York, controls Beijing Zenith Holdings and Beijing Pangu Investment.

According to the indictment, Zhao's wife approached Guo Wengui through an intermediary to get Zhao out of jail in 2008. After being granted bail, Zhao promised to transfer the assets of Huatai's major shareholder to Guo, so that Guo could take actual control of Huatai.

Without calling a board meeting, Guo directed Qu Long and others to transfer more than 400 million yuan from Huatai to companies controlled by Guo.

The prosecutors also alleged that Gao Song, Ma Nan and Cheng Xiuhua, all former employees of Beijing Pangu Investment Company, which Guo actually controls, forged paperwork and filed a civil lawsuit to help Guo keep the 400 million yuan.

"Through falsified agreements and a civil lawsuit, we transferred the liabilities to a company in Henan which had no loan repayment capacity to help Guo pocket the money," Ma Nan, former legal director of Pangu, said.

A pre-trial conference was attended by the prosecutors, defendants and their lawyers.

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