Man accused of stealing 100 million yuan

• Source: Global Times
• [09:44 July 01 2010]
• Comments

"When VIP guests visit Shanghai, the air crews of chartered flights don't normally purchase the fuel or any of the goods required," the insider told 21st Century. "Instead, they outsource the task to the people in charge, like Shi. He must have seen this as an opportunity to embezzle funds."

Shi has allegedly purchased four homes in Shanghai by taking funds from the company.

Meanwhile, should the reports be proven true in a court of law, Shi could face more than just embezzlement charges, according to a local lawyer.

"If Shi is found possessing funds that belong to the public, or the company, he will face additional charges of corruption, which would make the situa-tion even worse for him," Hu Yanlai, a lawyer and partner at Shanghai Haishang Law Firm, told the Global Times Wednesday.

Meanwhile, China Eastern said it is inquiring about the misuse of nearly 103.5 million yuan ($15.26 million), funds that seven of its subsidiary companies were found guilty of misplacing, according to a report released in mid-June by the National Auditing Office of China.