DALIAN, June 16 (Xinhua) -- Lyu Tao, a senior executive of Beijing Pangu Investment Company, has been sentenced to two years and three months in prison for fraudulently obtaining loans and foreign exchange, according to a court ruling issued Friday.
The company has been fined 245 million yuan (over 35.96 million U.S. dollars) for fraudulently obtaining loans, according to the People's Court of Xigang District, northeast China's Dalian city.
Two employees, Xie Honglin and Yang Ying, were both sentenced to two years in prison with a three-year reprieve, it said.
The three defendants and the representative of the company accepted the ruling at the court and said they would not appeal.
Evidence showed that Guo Wengui, who controlled the company, directed the three individuals to apply for loans from the bank with fake contracts, stamps and financial statements, which disturbed financial order and threatened financial security, the ruling said.
Lyu Tao and Xie Honglin fraudulently obtained a large amount of foreign exchange with falsified documents, disturbing the country's financial and foreign exchange management order.
On June 9, the People's Court of Xigang District opened a trial into the suspected crimes of the company and the three individuals.
During the trial, the defendants did not object to any criminal facts and charges from prosecutors. They expressed regret, pleaded guilty and thanked judicial organs for the lawful handling of their cases.
The defendants asked for leniency, saying that their actions were made at the instruction or suggestion of Guo Wengui.