CHINA: AIRLINE OFFICIALS PUNISHED FOR EMBEZZLEMENT

Chen Liming, 59, a former top official at Guangzhou-based China Southern Airlines Group, was sentenced to death with a two-year reprieve for embezzling a total of 1.5 billion yuan ($220 million). Three people were accused in the case - finance department director Liming, group vice-general manager Peng Anfa, and Han Xiaojun, Guangzhou branch director of Hantang Securities, Guangzhou Daily reported. Prosecutors alleged Chen embezzled 1.2 billion yuan, took bribes totaling 53.7 million yuan and stole company funds of 12.3 million yuan from 2001 to 2005 through misconduct in a collective asset management business with Hantang Securities. Chen, 59, was sentenced by the Guangzhou Intermediate People's Court. The fund, which was illegally given to Han on Peng's permission, was not been returned to China Southern Airlines Group, prosecutors said. Defendants Chen, Peng and Han appealed against the court's decision. According to the charges, Chen, Peng and the group's general manager conspired in August 2001 to embezzle the group's bank loans to invest in asset management businesses with fixed returns in the name of the group company, in order to solve the group's financial difficulties.