Ex-SIIC President Gets Suspended Death Sentence for Corruption

Zhou Jun, former president of the state-owned conglomerate Shanghai Industrial Investment (Holdings) Co. Ltd. (SIIC), was sentenced on Friday to death with a two-year reprieve for embezzling public funds and taking bribes totaling more than 175 million yuan ($26 million).

The Shanghai No. 2 Intermediate People’s Court said Zhou embezzled more than 154 million yuan in public funds between 2019 and 2023 by exploiting his position as SIIC president and acting in collusion with others. Separately, from 2006 to 2023, he used senior roles at SIIC and its subsidiaries to help others with corporate investments, business operations and project settlements in exchange for bribes totaling more than 21.5 million yuan, according to the court.