Xiao Yuhai, former Party Secretary and Chairman of Qinghai Credit Guarantee Group Co., Ltd., was sentenced to 19 years in prison in the first instance. Defendant | Xiao Yuhai | Limited Liability Company
On the 27th, the Intermediate People's Court of Xining City publicly announced the first instance verdict on the case of Xiao Yuhai, former Party Secretary and Chairman of Qinghai Credit Guarantee Group Co., Ltd., accepting bribes, misappropriating public funds, and abuse of power by personnel of state-owned companies. The defendant Xiao Yuhai was sentenced to eleven years in prison for bribery and fined 900000 yuan; Sentenced to six years imprisonment for the crime of embezzlement of public funds; Sentenced to six years imprisonment for the crime of abuse of power by personnel of state-owned companies; The punishment for multiple crimes was combined, and it was decided to carry out a fixed-term imprisonment of nineteen years and impose a fine of 900000 yuan.
After trial and investigation, it was found that from 2013 to 2018, the defendant Xiao Yuhai took advantage of his position as the Party Secretary and Chairman of Qinghai Credit Guarantee Group Co., Ltd. to provide assistance to relevant units in loan guarantees, bill acceptance guarantees, trade financing guarantees, entrusted loans, and bank deposit collection, illegally accepting property worth more than RMB 5.14 million; From December 2013 to March 2015, the defendant Xiao Yuhai took advantage of his position and, without a resolution from the board of directors of Qinghai Provincial Credit Insurance Group Company, personally decided to illegally lend company funds to relevant units in the name of Qinghai Provincial Credit Insurance Group Company multiple times for profit-making activities, with a total loan amount of RMB 150 million; From 2014 to 2018, the defendant Xiao Yuhai improperly performed his duties, violated the work procedures and major decision-making matters stipulated in the company's articles of association, and required the relevant staff of Qinghai Provincial Credit Insurance Group Company and its subsidiaries to illegally and irregularly handle loan guarantees and other business for the relevant companies without conducting due diligence on the relevant enterprises, evaluating the counter guarantee collateral, and implementing the collateral. As of November 27, 2020, the defendant caused a total economic loss of over RMB 664.78 million to Qinghai Provincial Credit Insurance Group Company and its subsidiaries.
The court believes that the defendant Xiao Yuhai, as a state employee, took advantage of his position to seek benefits for others during his tenure as the Party Secretary and Chairman of Qinghai Credit Guarantee Group Co., Ltd. He illegally accepted property from others multiple times, and the amount involved was particularly huge. His behavior constitutes the crime of bribery; The defendant Xiao Yuhai, as a state official, took advantage of his position to misappropriate public funds for personal use. The circumstances are serious, and his behavior constitutes the crime of misappropriating public funds; The defendant Xiao Yuhai, as a staff member of a state-owned company, abused his power, causing particularly significant losses to national interests. His behavior constitutes the crime of abuse of power by personnel of a state-owned company. The prosecuting authority, the People's Procuratorate of Xining City, accuses the defendant Xiao Yuhai of bribery, embezzlement of public funds, and abuse of power by state-owned company personnel. The facts are clear, the evidence is true and sufficient, and the charges are established. The defendant Xiao Yuhai has committed several crimes, and he shall be punished for several crimes in accordance with the law. Considering that the relatives of the defendant Xiao Yuhai actively returned the stolen funds involved in the case, they may be given a lighter punishment at their discretion. According to relevant laws and regulations, the court has made the above judgment in accordance with the law.