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Lao Derong, former boss of Shenzhen Energy Group, is being prosecuted on charges of taking bribes, misusing State funds, abuse of power and being unable to explain the source of a huge fortune.
According to an indictment by the Shenzhen procuratorial organ Friday, Lao, 60, a Guangxi native, had received more than 7.78 million yuan (US$941,091), HK$500,00 (US$6,411.41) and US$139,000 in bribes. She also allegedly amassed a huge fortune by abusing her powers from 1994 to 2002.
Lao, the former president and chairman of Shenzhen's largest State-owned enterprise, was accused of misappropriating HK$5 million (US$641,141) and 8 million yuan (US$967,703) from her group and subsidiaries for her own use from 1994 to 1995.
Lao allegedly lent HK$22 million (US$2.83 million) to a Hong Kong company for investment without following company rules, resulting in heavy losses in State assets. The money has not been repaid.
The indictment alleged Lao had more than 14 million yuan (US$1.69 million) that she could not explain. Investigations have found she had allegedly accumulated a mountain of wealth including 37.55 million yuan (US$4.54 million) and HK$5.45 million (US$698,843).
(Shenzhen Daily September 8, 2003)
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