Jiangsu Supreme Court has sentenced Wang Junmin, former president of bankrupt Chinese yard Sainty Marine, to prison for 18 years for a series of charges including embezzlement, bribery and abuse of power.
Wang was appointed as president of Sainty Marine in 2007 and was sacked from the position in 2015 after authorities launched investigations against him.
The investigations found that Wang Junmin and Cao Chunhua, former general manager of Sainty Marine, colluded to embezzle a total of RMB180m ($26m) between 2011 and 2013 for personal use. Cao was sentenced to prison for eight years by the court.
Wang was also accused of providing an illegal loan to Mingde Heavy Industry through fake contracts, and the bankruptcy of Mingde in 2015 led to a loss of over RMB2bn for Sainty Marine.
Sainty Marine went bankrupt in 2016 due to a major debt crisis, and the yard’s state-run controlling shareholder Jiangsu Guoxin restructured the company into a power company and quit shipbuilding in 2017 to keep its listing status.