25 May 2012 :

the former chairman of a State-owned food enterprise was sentenced to death with a two-year reprieve for a massive graft case involving more than 370 million yuan ($58.5 million). Ying Guoquan, who had been found guilty of graft, embezzlement, illegal distribution of State assets and taking bribes, was sentenced by a court in Zhejiang province.
Another 15 former senior executives of the enterprise, Wenzhou Cailanzi Group, were sentenced to prison terms ranging from three to 13 years. "The corruption case involving the group is the most serious of its kind in the province, and many people involved were county-level officials," said Dong Zhongbo, a publicity officer at the Wenzhou Intermediate People's Court. The court heard that Ying used the new company to misappropriate State assets and illegally transferred State assets to the company, which was under his control. Ying was also convicted of illegal distribution of State assets because he made false reports about the number of workers at the group and the total wages during 1998 and 2007. Most of the defrauded money, nearly 12 million yuan, was distributed to senior executives.