The former CEO of a state-owned gold and silver refinery in the Inner Mongolia Autonomous Region has been sentenced to death for taking bribes and embezzling 87 million RMB, including over a ton of silver, from his company.
Song Wendai, former CEO of Qiankun Gold and Silver Refinery Co Ltd, embezzled more than 10 million RMB from the company and illegally obtained 517 million shares, according to the Bayannur Intermediate People’s Court.
Between 2002 and 2003, Song used the 10 million yuan as capital to register his own company and put 19 state-owned land plots, totaling 1,933 hectares, under the name of his private company. He leased these plots and collected 17 million yuan in rents, the court said.
Between March 2005 and December 2007, Song used his position to embezzle 11 million yuan from Qiankun and steal 25 million yuan by selling a gold mine under Qiankun. He also stole 12 million yuan of gold from his company.
Prosecutors seized 2.7 million yuan of cash, 134 kilograms of gold, 995.34 kilograms of silver, 81.09 grams of platinum, four houses and four vehicles from Song.
Song will likely be killed by lethal injection, a form of execution that has been shown to cause victims to suffer extreme pain and distress during execution. Capital punishment is a blight on the moral foundation of any legal system that engages in it.