3dGameMan
09-16-2004, 09:15 AM
China puts 4 to death for $15M in bank fraud: ~source (http://www.usatoday.com/money/world/2004-09-15-china-executions_x.htm)
BEIJING (Reuters) — China executed four people, including employees of two of its Big Four state banks, for fraud totaling the equivalent of about $15 million, the Xinhua state news agency said Tuesday, amid the country's high-profile campaign against financial crime.
The executions come after a string of arrests in white-collar crime as China prepares to sell shares in its big banks. The latest cases involved China Construction Bank, due to raise up to $10 billion in an initial public offering next year, and Bank of China, which is moving toward an IPO worth up to $4 billion.
Wang Liming, a former accounting officer at China Construction Bank in the province of Henan, worked with others to steal $2.4 million from the bank, Xinhua said. An accomplice, Miao Ping, was also executed. Another Construction Bank employee, Wang Xiang, was executed for stealing $2.4 million in an unrelated case. Liang Shihan, an official at the Bank of China's branch in the city of Zhuhai, helped cheat his bank out of $10.3 million, Xinhua said.
Xinhua did not say how the four were killed. China, which executes more criminals than the rest of the world combined, usually puts inmates to death with a gunshot to the back of the head, but has recently experimented with lethal injections...
BEIJING (Reuters) — China executed four people, including employees of two of its Big Four state banks, for fraud totaling the equivalent of about $15 million, the Xinhua state news agency said Tuesday, amid the country's high-profile campaign against financial crime.
The executions come after a string of arrests in white-collar crime as China prepares to sell shares in its big banks. The latest cases involved China Construction Bank, due to raise up to $10 billion in an initial public offering next year, and Bank of China, which is moving toward an IPO worth up to $4 billion.
Wang Liming, a former accounting officer at China Construction Bank in the province of Henan, worked with others to steal $2.4 million from the bank, Xinhua said. An accomplice, Miao Ping, was also executed. Another Construction Bank employee, Wang Xiang, was executed for stealing $2.4 million in an unrelated case. Liang Shihan, an official at the Bank of China's branch in the city of Zhuhai, helped cheat his bank out of $10.3 million, Xinhua said.
Xinhua did not say how the four were killed. China, which executes more criminals than the rest of the world combined, usually puts inmates to death with a gunshot to the back of the head, but has recently experimented with lethal injections...