Lyu Tao, a senior executive of Beijing Pangu Investment Co. Ltd, has been sentenced to two years and three months in prison for obtaining loans and foreign exchange by fraud, according to a court ruling issued Friday.
The company has been fined 245 million yuan for obtaining loans by fraud, according to the People's Court of Xigang District, northeast China's Dalian City.
Two employees, Xie Honglin and Yang Ying, were both sentenced to two years in prison with a three-year reprieve.
The three defendants and the representative of the company accepted the ruling at the court and said they won't appeal.
