[Hongtong officer Xu Chaofan sentenced to 13 years in first instance]On October 13, 2021, the Intermediate People’s Court of Jiangmen City, Guangdong Province issued a public sentence on the case of embezzlement and misappropriation of public funds by the former president of Kaiping Sub-branch of Bank of China, citing corruption and misappropriation Xu Chaofan was sentenced to 13 years’ imprisonment for several crimes with public funds and a fine of 2 million yuan; the stolen money obtained from the crime was recovered. Xu Chaofan expressed his obedience to the court’s decision and no appeal.
Xu Chaofan fled away in fear of crime in 2001. In January 2002, he was issued an International Red Notice by Interpol. He was detained in the United States for nearly 13 years for crimes such as money laundering and transfer of stolen funds. After his voluntary choice, he was deported in July 2018. Return home.
After investigation, it was found that since 1993, Xu Chaofan took advantage of his positions as the president of Bank of China Kaiping branch and the director of the business department of Bank of China Guangdong branch to cooperate with others to obtain bank funds through false loans and possess normal repayment funds of the company. Or direct transfers and other means embezzled public funds of more than 62,217,300 yuan and more than 129 million Hong Kong dollars, and embezzled more than 355 million yuan, 20 million Hong Kong dollars, and more than 124 million US dollars of public funds.
The Jiangmen Intermediate People’s Court held that the defendant Xu Chaofan’s behavior constituted a crime of corruption and embezzlement of public funds in accordance with the law and should be punished in accordance with the law. In view of Xu Chaofan returning to China voluntarily to stand trial, and truthfully confessed his crimes after arriving in the case, he had surrendered himself, pleaded guilty and repented, and he could be given a reduced punishment in accordance with the law. The court then made the above verdict.
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