Corrupt securities trader executed in Beijing

08:29, December 09, 2009

A corrupt former senior trader with a Chinese securities company was executed Tuesday in Beijing, according to a court statement.

Yang Yanming, 51, was sentenced to death on Dec. 13, 2005 by the No.1 Intermediate People's Court of Beijing in a first-instance trail after being convicted of embezzling and misappropriating 94.52 million yuan (13.84 million U.S. dollars) of public funds from 1998 to 2003.

The Higher People's Court of Beijing ruled against Yang's appeal and upheld the death penalty on April 21, 2009. The Supreme People's Court approved it after reviewing the case.

Yang was a native of Beijing, and the former general manager of the Beijing trading business department with the China Great Wall Trust and Investment Corporation from 1998 to 2003, the court statement said.

During the period, his department was renamed first as Hufangqiao trading business department and later as Wangjing Xiyuan trading business department of the China Galaxy Securities Co., Ltd..

He used the public funds for personal benefits, including starting up a private company, purchasing real estate properties and investing in futures business, the verdict said.

He has kept silent on the whereabouts of the misused funds, it said.

Source: Xinhua