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Chen Shulong, former vice-governor of East China"s Anhui province, pleaded guilty on Friday for taking bribes and causing financial loss of 2.91 billion yuan ($425.7 million) to the State at a court in Xiamen, Fujian province.
Chen was accused of abusing his authority and receiving bribes of 275.8 million yuan through his wife Wang Chuanhong and other relatives from 1994 to 2016, prosecutors said.
In return, Chen took advantage of his various positions, including director of Anhui National Bonds Service Center, manager of Anhui Trust and Investment Company, vice-mayor of Hefei city, mayor of Wuhu city and vice-governor of Anhui, to offer illegal help to organizations and individuals with project contracts, securing loans and promotions.
Between 2009 and 2011, Chen abused his power as the Party chief of Wuhu city and violated regular decision-making process to offer wrongful subsidies to enterprises and caused a financial loss of 2.12 billion yuan to the State. He also made an arbitrary decision to return 792 million yuan of government money to relevant companies. So he caused a total financial loss of 2.91 billion yuan, according to prosecutors.
Chen was also charged with insider trading. As an insider privy to information related to companies, Chen did stock trading and illegally earned 137 million yuan between 2009 and 2015. He also disclosed the information to others, who gained a total profit of more than 30 million yuan from the stock market, prosecutors said.
During the trial, prosecutors presented evidence. In his final statement, Chen pleaded guilty and expressed repentance, according to a release from the Intermediate People"s Court of Xiamen.
A verdict would be announced at a later date, according to the court.
In May last year, Chen was removed from public posts and expelled from the Communist Party of China.
The CPC Central Commission for Discipline Inspection, China"s top discipline watchdog, has issued a statement, criticizing Chen for "having seriously violated political discipline and rules, having no political faith and holding a distorted world view".
Chen, 56, a native of Anhui, began his career in the provincial government in late 1980s. He served as vice-mayor of the provincial capital of Hefei from September 2002 to December 2003. Later, he held several senior positions in Wuhu until he became secretary-general of the provincial government in October 2011. Chen was vice-governor of Anhui province from June 2012 to November 2016.silicone wristbands walmartcustom id braceletsblank wristbandpersonalized gold cuff braceletimprinted rubber bracelets