Shanghai: Shanghai Intermediate People’s Court started the trial of Gu Tiquan, former president of CSSC-affiliated Hudong Zhonghua Shipbuilding yesterday.
Gu was charged of taking bribes of RMB5.74m in total from a steel supplier when he was serving for Hudong Zhonghua Shipbuilding between 1998 and 2013.
However, Gu has denied the charge and claimed that the steel company was co-founded by himself and two of his friends, and the money belongs to him.
Gu said he signed a 20-year confidential agreement when he joined the shipyard, as the shipyard produces military products, and he was afraid of not getting enough money for retirement, so he started his own company to make extra income.
Gu was arrested by the authorities in May this year. [02/12/14]