Chinese Furniture Executive Accused of Embezzlement

October 12, 2008  by in UnCategorized   

By Home Furnishings Business in on October 2008 Feng Yongming, an executive with furniture manufacturer Guangming Group Furniture Co. Ltd., has been accused of embezzling state assets according to the China View news service.

Feng Yongming and his daughter Feng Lijia were detained on Sept. 26. The two allegedly seized the Yichun city government’s shares of the listed company by illegal means, according to a government official.

The National Business Daily newspaper said the case involved 95 million yuan, or $13.9 million.

Guangming Group Furniture Co. Ltd is listed on the Shenzhen Stock Exchange.