Official 'purchased 37 homes with graft cash'
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Shanghai Daily, October 18, 2011
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Song Jun, 48, former vice general manager of state-owned shipping giant COSCO's Qingdao branch, faced charges of embezzlement, taking bribes and perjury. |
A former top shipping official alleged to have embezzled more than US$6 million and bought 37 apartments with some of the cash has been tried at a court in Shandong Province.
Song Jun, 48, former vice general manager of state-owned shipping giant COSCO's Qingdao branch, faced charges of embezzlement, taking bribes and perjury.
Qingdao Intermediate People's Court heard the case on October 9, but no verdict has been reached, the Beijing Times reported yesterday.
Song was alleged to have conspired with a Taiwanese businessman, surnamed Deng, to jointly buy and loan cargo ships, between October 2006 and June 2008.
He embezzled US$6.06 million during this period to fund his own business, prosecutors claimed.
Song also used the cash to invest in the stock market and buy apartments and luxury cars from April to September 2007, said prosecutors.
He bought 37 apartments in Beijing, Tianjin and Qingdao. These included 25 in Wanda Plaza in Beijing.
Song was accused of seeking 20 percent of the profits from Deng in kickbacks. Deng transferred US$1 million to Song's designated account, the court heard.
After their illegal business was exposed, Song colluded with Deng to provide false evidence to cover up their crimes during investigations, prosecutors said.
Song pleaded not guilty. He said the properties were registered under the names of his mother and brother.
He argued assets were owned by his family members, relatives and friends and he simply helped them invest in the real estate market.
Song was transferred to the Qingdao branch as vice general manger in 2001.
He was in charge of COSCO's onshore business in Qingdao - 21 subsidiaries in the areas of real estate development and cargo vessel repair.
The COSCO official was arrested in May 2009.
