Former president of Guangxin Shipbuilding & Heavy Industry, Li Tongan, has been sentenced by Guangzhou Intermediate People’s Court to 10 years prison.
Li was charged with taking bribes worth RMB5.16m ($776,000) in total in several ship acquisition deals when he was general manager of Guangdong Machinery Import & Export Corporation and in procurement deals during his time as president of Guangxin Shipbuilding.
Li was not satisfied with the verdict and decided to appeal, as he believed he should get a lighter punishment given his voluntary surrender.
Guangxin Shipbuilding is an offshore yard in South China with major focus on offshore working and service vessels .
