HONG KONG (MarketWatch) -- A Chinese court has sentenced the former chairman of a state-owned holding company overseeing 30 airports, including Beijing International, to death for bribery and embezzlement amounting to more than 100 million yuan ($14.6 million), according to a report late Tuesday by the state-run Xinhua News Agency.
The Jinan Intermediate People's Court found Li Peiying, 59, former chairman and general manager of Capital Airports Holding Co., guilty of seeking or accepting bribes totaling 26.61 million yuan during an eight year period from 1995, the report said.
Li was also found guilty of misappropriating 82.5 million yuan in funds for personal use during a three-year period from 2000.
In handing down its sentence, the court said Li's actions had resulted in large economic losses for that nation and that the amounts involved were extraordinary.
Capital Airports was formed in 2002 and operates airports in nine Chinese provinces.
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