The head of state-owned enterprises misappropriated hundreds of millions of public funds and was sentenced

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 The head of state-owned enterprises misappropriated hundreds of millions of public funds and was sentenced


Public prosecutor read out indictment

Brain activation, this is the impression left to most people by Shi Binfeng, former general manager of an electronic trading center Co., Ltd. in Suzhou, Jiangsu Province. As a businessman, Shi Binfeng is so smart that he always catches business opportunities to become rich. As the head of a state-owned enterprise, Shi Binfeng lost his bottom line, making money every time is just a trick he uses his power to harm the public, fat and private. In the end, wisdom was mistaken by wisdom. After embezzlement of more than 2.24 million yuan and embezzlement of more than 116 million yuan, Shi Binfeng was sent to the dock of defendant.

Recently, the procuratorate of Wujiang District of Suzhou has initiated a public prosecution. Shi Binfengs case of embezzlement and embezzlement was decided in the court of Wujiang District of Suzhou City in the first instance. The defendant, Shi Binfeng, was convicted of embezzlement and embezzlement and sentenced to 13 yearsimprisonment according to law.

1. Fat meat falling from price fluctuation. He holds it in one mouthful and relies on his power.

Wujiang Certain Group Co., Ltd. (hereinafter referred to as Group Company) is a wholly state-owned company mainly engaged in synthetic fibers. Suzhou Certain Electronic Trading Center Co., Ltd. (hereinafter referred to as Trading Center) is a limited company funded by the Group Company. In February 2013, the Group hired Shi Binfeng as the general manager of the trading center.

In early 2015, the trading center began to purchase large quantities of textile raw material ethylene glycol. Ethylene glycol market is active and liquidity is strong, its spot price will be affected by various factors, and often fluctuates in a short time. Shi Binfeng is a very intelligent person. He has keenly discovered the characteristics of ethylene glycol trading and grasped some rules of price fluctuation through research.

Why not set up a company to sell to the trading center when the price of ethylene glycol is at a high level and buy back at a low price when the price falls? Shi Binfeng thought of using price fluctuations and time difference to make money by selling high and absorbing low.

Yuan Dongxi, a trade center employee, is a classmate of Shi Binfeng. He works diligently and is appreciated by Shi Binfeng. Shi Binfeng also promoted him to a business manager. Considering that he is the head of the trading center, it is inconvenient for him to come out directly, so one day in early 2015, Shi Binfeng and Yuan Dongxi put forward the idea of looking for an individual to register to set up a chemical fiber company. Yuan Dongxi heartily understands and listens to what he says. After some discussion, Yuya Chemical Fiber Co., Ltd. (hereinafter referred to as Yuya Company) was finally registered by Yuan Dongxi in the name of his wife, Zhao Mou.

After the establishment of Yuya Company, the market price of ethylene glycol has been hovering at the low level of 6,000 yuan per ton. Shi Binfeng felt that the price was too low and decided not to move. Two months later, the price of ethylene glycol began to rise. In May 2015, the market price of ethylene glycol rose to a high level. Shi Binfeng felt it was time to start.

According to the general rules of trading, the spot transaction of ethylene glycol is delivered on the same day and the payment is paid on the same day. Generally speaking, if the seller delays delivery after payment, the buyer will negotiate with the seller the number of days to delay delivery. In the process of delayed delivery, if the price of ethylene glycol falls, the seller not only trades according to the original contract price, but also compensates the buyer for the difference caused by delayed delivery.

On May 19, 2015, Shi Binfeng instructed Yuan Dongxi to sign a sales contract with the trading center in the name of Yuya Company, and to examine and approve it personally. He agreed that the trading center should purchase 3150 tons of ethylene glycol from Yuya Company at the price of 7450 yuan per ton, and the contract stipulated delivery on the same day.

At the beginning, Yuan Dongxi, who was unknown, asked Shi Binfeng if he wanted to purchase ethylene glycol immediately to fulfill the contract. Shi Binfeng said that prices fluctuated, and so on. Yuan Dongxi naturally acted as the leader spoke. In order to fulfill the contract in form, on the same day, Yuan Dongxi took the contract to find the group company to sponsor accounting Zhou Mou, saying that he had done the ethylene glycol transaction, and that the goods were stored in the warehouse of the third party in the transaction. He had to pay first. Zhou Mou did so.

In this way, Yuya Company received more than 23 million yuan of payment from the trading center on the same day without fulfilling its supply obligations. In fact, Shi Binfeng had no intention of fulfilling his delivery obligations at all. His purpose was to wait for the price of ethylene glycol to fall and buy the delivery at a low price, so as to make a grand difference. As for the liability for breach of contract, Shi Binfeng will naturally not bear it.

Ten days later, ethylene glycol had dropped to about 7,000 yuan per ton. Shi Binfeng ordered Yuan Dongxi to redraft the contract. Yuan Dongxi re-drafted the contract at his behest, purchasing 3000 tons at 6990 yuan per ton and 335 tons at 7450 yuan per ton respectively, so that the total contract price remained unchanged, thus dispelling the suspicion of financial personnel. After Yuan Dongxi, he handed over the redesigned contract to the finance of the group company, saying that the supplier had delayed the performance of the contract, that the two sides had re-signed the contract according to the market price, and that the financial personnel had not asked much.

Until July 2015, Shi Binfeng felt that the price of ethylene glycol had dropped almost, so he asked Yuan Dongxi to buy ethylene glycol and deliver it to the trading center. In this way, in only two months, Yuya Company easily earned more than 2.24 million yuan difference from the trading center by selling high and buying low.

After all, the whole thing is that Yuan Dongxi ran around busily, and Shi Binfeng did not forget to reward him after he got the huge sum. In early 2016, Shi Binfeng asked Yuan Dongxi to withdraw 100,000 yuan from Yuyas account and give it 50,000 yuan on the spot. In January 2017, Shi Binfeng again let Yuan Dongxi take 20,000 yuan. In this way, Shi Binfeng paid Yuan Dongxi a total of 70,000 yuan.

2. The business of money makes money is done by the state-owned funds.

Shi Binfeng is located in Wujiang District of Suzhou City, where the private economy is developed. The total number of private enterprises is more than 66,000, ranking first among counties and districts in Jiangsu Province. In the past few years, private enterprises have difficulty in financing and the high threshold of borrowing from banks. Shi Binfeng, who has a lively mind, has smelled the unlimited business opportunities of fund lending business. So from 2014, Shi Binfeng began to make money.

In fact, Shi Binfengs capital business is a non-profit business, because behind him there is a big tree of the trading center. Most of the money borrowed through him is provided by the trading center free, while the interest is very high when it is lent to private enterprises. But because of the simple procedures and low threshold, many private entrepreneurs who are in urgent need of capital turnover are still willing to ask him for help. Shi Binfengs capital business was once booming.

In March 2014, Liu Mou, the head of a weaving factory in Wujiang, borrowed 1.6 million yuan from Shi Binfeng with an agreed interest of 1500 yuan per day. Shi Binfeng used the means of fabricating the false pledge transaction, transferring the customers deposit of 1.6 million yuan to the bank account under his control, which was deposited by the trading center on behalf of Liu Mou. In early April of the same year, Liu returned 1.6 million yuan in principal and more than 20,000 yuan in interest to Shi Binfeng. Shi Binfeng will return the 1.6 million yuan principal to the trading center, and more than 20,000 yuan of interest will be included in his income pocket.

More than 20,000 yuan was easily earned in more than ten days. Shi Binfeng was overjoyed when he first tasted the sweetness of money makes money, which strengthened his determination to become rich through this method.

In the three months beginning at the end of April 2014, Shi Binfeng connected to several large orders with a total amount of $230 million. This time, Shi Binfeng specially forged the warehousing certificate of diethylene glycol. In the name of the Simu Supply Chain Service Co., Ltd. (hereinafter referred to as Simu Company) under his actual control, he pledged loans to the trading center, and repeatedly moved out 30 million yuan of public funds for funds borrowing and purchasing bills of exchange.

In November 2014, Ximu Companys 30 million yuan loan was about to expire. Shi Binfengs old trick was repeated. He fabricated a warehousing certificate of ethylene glycol again. In the name of Suzhou Hengma Trading Co., Ltd. (hereinafter referred to as Hengma Company), under his control, he obtained 24.5 million yuan of financing loans from the trading center, together with financing from other channels. The funds totaled 30 million yuan and were remitted to the accounts of the company for repayment of the last loan.

In September 2015, Zhou Mou, the customer manager of a local bank, introduced to Shi Binfeng an Internet financial product called Investment Finance. Shi Binfeng was very interested in it. After that, he used fictitious creditors rights and liabilities to issue commercial acceptance bills to Hengma Company and Yuya Company under his actual control in the name of the trading center, and packaged the bills as investment and financing financial products through the banks investment and financing platform by way of pledge guarantee, and then instructed the financial personnel of his unit. Purchase the investment financing financial products.

In this way, according to the requirements of Shi Binfeng, the financial staff of the trading center successively transferred more than 58580,000 yuan into a bank platform. After deducting certain fees, the bank entered Hengma Company and Yuya Company controlled by Shi Binfeng. Shi Binfeng used the above funds to speculate in stocks, purchase financial products, pay Yuyas land auction funds, repay matured loans and so on.

In June 2017, Shi Binfeng, in the name of his actual control of Suzhou Saiyou New Material Co., Ltd. (hereinafter referred to as Saiyou Company), purchased the loan of Investment and Finance financial products due. After that, Shi Binfeng drafted the purchase and sale contract of products and the confirmation of delivery of goods, and once again removed 10 million yuan from the trading center. In August 2017, Shi Binfeng again used the same tactic to remove 25 million yuan from the trading center in the name of Saiyou Company.

3. Around the identity of the defendant and the constitution of the crime of embezzlement, the two sides of the prosecution and the defense launched a heated debate.

After the incident, Yuya Company paid 31.56 million yuan (returned to the trading center), and Yuan Dongxi withdrew 70,000 yuan. In the process of investigating and handling the case, the case handling organ sealed up the account fund of Yuya Company for 5.62 million yuan.

During the trial, both the prosecution and the defense launched fierce speeches and speeches around the defendants main identity and the constitution of the crime of embezzlement. As for Shi Binfengs defenders defense opinion that Shi Binfeng is not a state-owned worker, the court held that the group company is a wholly state-owned company, the trading center is a limited company funded by the group company, and the general manager of Shi Binfengs trading center is appointed by the group company and belongs to the state-owned holding company appointed by the state-owned company. For those engaged in public service, Shi Binfeng should be identified as a state functionary, which meets the main status of the crime of corruption.

The court held that Shi Binfeng, Yuan Dongxi and his defenders had deliberately delivered the goods after the price of ethylene glycol had fallen in order to profit from their convenience as legal representative and general manager of the trading center. According to Shi Binfengs statement, Yuan Dongxi set up Yuya Company in the name of his wife Zhao Mou. The purpose is to make use of his position as the general manager of the trading center and control the delivery time so as to earn the difference. The above-mentioned criminal acts and criminal purposes are in line with the composition of the crime of corruption, and the defendants act of Shi Binfeng can be identified as the crime of corruption.

Yuan Dongxi, the defendant, did not know the real purpose of Shi Binfeng when signing the contract, but as the customer service manager of the ethylene glycol purchasing business in the trading center, he knew the normal procedure of fulfilling the contract and had sufficient knowledge of Shi Binfengs behavior of earning the difference by delaying the performance of the contract. However, Yuan Dongxi did not perform the duties of the customer service manager and did not reflect the situation to his superiors. He also helped Shi Binfeng to amend the contract. When the price fell to more than 6,000 yuan per ton, he purchased ethylene glycol and delivered it, and then received 70,000 yuan. Therefore, his behavior also constituted a crime of corruption.

At the same time, the court also found that Shi Binfeng had repeatedly misappropriated more than 116 million yuan of public funds for personal use and carried out profit-making activities, which was serious and constituted the crime of misappropriation of public funds.

On May 23, 2019, the court of Wujiang District, Suzhou, made a first-instance judgment on the case: the defendant, Shi Binfeng, was convicted of corruption and sentenced to six years and six monthsimprisonment with a fine of 400,000 yuan; he was convicted of embezzlement of public funds and sentenced to eight years imprisonment; he was convicted of several crimes and sentenced to 13 yearsimprisonment with a fine of 400,000 yuan. Yuan Dongxi, the defendant, was convicted of corruption and sentenced to three years and three monthsimprisonment with a fine of 200,000 yuan.

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