CHINA. EX-SECURITIES CEO GETS DEATH PENALTY FOR GRAFT

Yang Yanming, formerly general manager of a Beijing trading business department with China Yinhe Securities Co. Ltd., was sentenced to death for graft and embezzling public funds. The ruling was handed down by the No.1 Intermediate People's Court of Beijing Municipality in a first-instant trial. The court was told that Yang, 57 and a native of Beijing, served as general manager of Beijing securities trading business department of China Great Wall Trust and Investment Corporation during June 1998 and August 2003. During this period, Yang misused and embezzled 97.56 million yuan (about 12.03 million U.S. dollars) of public funds for his personal benefits, including starting up a private company, purchasing real estate properties and investing in futures business. Yang, who had attempted suicide twice, refused to tell the whereabouts of the 70 million yuan or so of the total funds he had misappropriated.