Beijing: A former top Communist Party official was sentenced to 18 years in jail for bribery and abuse of power here today in connection with a high-profile social security fund scandal in Shanghai.

Chen Liangyu, a former member of the Political Bureau of the ruling Communist Party of China, is the highest ranking party official to be imprisoned for corruption in the last one decade.

The Intermediate Peoples Court in Tianjin also ordered confiscation of 300,00 Yuan (US $ 42,860) in the personal assets of Chen, who was expelled from the party after being stripped of his position as the Shanghai party chief in 2006.

According to the court documents, Chen took advantage of his positions from 1988 to 2006 to seek profits for Shanghai New Huangpu Group Company (SNHGC) and Shanghai Shenhua Football Club.

He also extorted money from or accepted bribes worth over 2.39 million yuan from organizations and individuals, official Xinhua news agency said, adding, Chen urged his relatives to return all these funds after his case was uncovered.

As acting mayor and mayor of Shanghai, he made a decision in violation of the established procedures while transfering a stake held by a state-owned company in the Shanghai Road and Bridge Development Corp, to a private-sector company.

The stake was not assessed according to procedure, which resulted in it being undervalued and transferred at a price that was below-market, causing an economic loss of 320 million yuan to the state, the court was told.

He was also accused of using his position to seek benefits for his brother, Chen Liangjun.

Earlier this week, a Shanghai tycoon was sent to jail for 19 years on charges of paying bribes, manipulating stock market and fraudulently issuing bonds in connection with a 3.7 billion yuan scandal that surfaced in 2006.
Source : PTI