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<p> Xinhua News Agency report (Reporter Liu Xiaoxing) In order to pay off gambling debts, Xiao Xianmin, the former chairman and general manager of Guangzhou Foreign Vessel Supply Co., Ltd., colluded with financial personnel from his company and embezzled over 57 million yuan in public funds. Ultimately, only 100,000 yuan was returned. Yesterday, 54-year-old Xiao Xianmin was sentenced to 15 years in prison for embezzlement of public funds and ordered to forfeit more than 57 million yuan in illegal gains.</p><a href='http://www.xingnvlang.cn' target='_blank'>Shopping</a>
<p> Investigations revealed that from April 1998 until the case broke out, Xiao Xianmin served as chairman and general manager of Guangzhou Foreign Vessel Supply Co., Ltd., taking full responsibility for managing the company, including voting on major issues, approving large fund transfers, etc. Between August 26 and November 3, 1999, after conspiring with Vice President of Finance Jiang, Xiao Xianmin used his position to transfer RMB 363,000 seven times under the guise of business needs, which he then used for lottery gambling. On November 5, 1999, Xiao Xianmin repaid 263,000 yuan. Between August 1999 and November 2003, Xiao Xianmin took advantage of his position and transferred 57,564,000 yuan 39 times from Guangzhou Foreign Vessel Supply Company, Guangzhou Foreign Vessel Materials Company, and Guangzhou Biyuan Water Purification Equipment Co., Ltd. to accounts he specified, using the funds to repay gambling debts in Macau, personal debts, and operate private enterprises under his management. On June 14, 2009, Xiao Xianmin turned himself in to the Liwan District Procuratorate.</p><a href='http://www.xingnvlang.cn' target='_blank'>Shopping</a><a href='http://www.xingnvlang.cn' target='_blank'>All Free</a>
<p> During earlier court proceedings, Xiao Xianmin argued that by 1999, the company could no longer afford to pay salaries, so he hoped to gamble as a way to earn money for the employees. He claimed that in early 1999, he had won over 200,000 yuan in Macau with a year-end bonus of 16,000 yuan, which was later used to pay employee salaries. After 2000, the company was already in debt for over 60 million yuan, and he borrowed multiple times under the company's name, going to Macau to gamble heavily, all in hopes of trying to cover the company's debts through this method. However, the prosecution believed his defense was baseless and without evidence. The verdict yesterday did not address this issue but recognized Xiao Xianmin's voluntary surrender, thus imposing a lighter sentence at their discretion. Xiao Xianmin stated that he would consider whether to appeal or not.</p>
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