02 Apr '13, 8am

Ex-Chinese official gets 15 months in Singapore prison for $15 million fraud

Li Huabo, a former local government official accused of a 94 million yuan ($15 million) fraud in China , was sentenced to 15 months in jail for receiving stolen money in his Singapore bank accounts. Judge Siva Shanmugam said Li’s crimes involved some degree of sophistication when handing down his verdict and sentence yesterday after an 18-day trial. Li’s bail was doubled to S$160,000 ($129,292) pending a possible appeal. Li had testified he was coerced into making a confession to police that he masterminded a scheme to embezzle the funds. The former section director at Poyang county’s finance bureau in China’s southeastern Jiangxi province had denied three charges of receiving S$182,700 in stolen money in his Singapore accounts, claiming he was framed by former co-workers. The case had received prominent media coverage in China. “This kind of phenomenon attracts considerab...

Full article: http://www.bloomberg.com/news/2013-04-02/former-chinese-o...

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