China Executes Securities Trading Executive

Yang Yanming, securities trading executive is executed in China for embezzlement of 100 million yuan. Nearly 65 million yuan ($9.52 million) remains unaccounted for as Yang refuses reveal where the money went …

Dec. 9 – BusinessMonday.com | By Dennis Lee, Staff Writer

Yang Yanming, 51, was executed yesterday in China for embezzlement. Yang Yanming is the former general manager of  the securities trading department at China Great Wall Trust and Investment Corp. from 1997 to 2003, the corporation later became China Galaxy Securities Co., Ltd.

According to the Beijing Evening News, Yang Yanming is the first person from the China securities sector to be executed.  Yang claims that the money he misappropriated had been used to pay bribes to public officials. He refused, however, to disclose their identities. Yang’s attorney, Qian Lieyang, said that his client’s execution would guarantee that those who took the money would go unpunished.

Prior to the execution, as he confronted his judges  for the last time, he said, “Someone must take responsibility. If  I hadn’t attempted to commit suicide, it might not have been discovered.” He  sat quietly while listening to the presiding judge read the entire verdict.

“Preserve your moral integrity and don’t set too much store by business results.” Yang told a newspaper just before his execution.

Yang’s world began to unravel when he attempted  suicide on  April 23, 2004. Having cut his wrists, Yang turned on the kitchen gas which subsequently exploded. He survived the ensuing fire, however, his suicide attempt prompted company officals to perform a financial audit.  Auditors discovered  a shortage of  approximately 100 million yuan from more than seventy sales accounts.  Of this amount, the location of  65 million yuan  ($9.52 million) is still unkown.

Yang  first death verdict was handed down in December 2005 by the Beijing No. 1 Intermediate People’s Court. The appeal to the Beijing Higher People’s Court sent the case  back to the first court to be heard again in May of 2007. Upon a second sentence of death in July 2008, Yang’s final appeal to the higher court was refused and sentence was carried out.

On March 24, 2009, Amnesty International  issued its annual report.  It states that China leads the world in the numbers of executions.  According to the report, China executed over 70% of the worldwide total of all people executed in the year  2008.

http://businessmonday.com/index.php?option=com_content&view=article&id=352:china-executes-securities-trading-executive&catid=16:asia&Itemid=33

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