[Photo: ifeng.com]
Former Vice-Governor Sentenced To 20 Years In Jail. [Photo: ifeng.com]
Former vice-governor of the eastern Anhui province, Zhou Chunyu has received a jail term of 20 years and a fine of 361 million yuan ($53.7 million) for corruption at a local court on Friday.Concise News reports that the 50-year-old was convicted of taking bribes, concealing overseas deposits, abusing power, and insider trading, according to the Jinan Intermediate People’s Court’s verdict in Shandong province.

Zhou has decided against appealing.

According to the verdict, Zhou took advantage of various positions, including deputy director of the Anhui provincial finance department and mayor of both Maanshan and Bengbu, both in Anhui, to gain benefits for others in enterprise acquisition and bidding for projects.

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It was further found that he accepted bribes worth about 13.65 million yuan from 1996 to 2017.

When Zhou worked as Party chief of Bengbu, he concealed that he deposited $4.12 million in overseas banks and didn’t report it to the Party as required.

While the mayor of Bengbu, Zhou violated a number of regulations and decided to return 665 million yuan in land-transfer fees to a local company that bribed him, causing significant loss to the national interest, the verdict said.

The court also found that Zhou gained 359 million yuan in insider trading while working in Maanshan and Bengbu.

He made the illicit gains by purchasing 271 million yuan in stocks after receiving confidential information about several listed companies.

Zhou’s voluntary confession of his crimes was taken into account in his sentencing, and he also expressed remorse and returned illicit gains, all of which has been seized.