Former fridge tycoon appeals fraud conviction

Updated: 2008-02-15 14:29

GUANGZHOU - An electrical appliances tycoon has appealed a 10-year jail term for a fraud and embezzlement conviction, his lawyer said on Friday.

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The sentence for Gu Chujun, the former chairman of China's biggest refrigerator maker -- Guangdong Kelon Electrical Holdings Co -- was handed down on January 30 by Foshan Intermediate People's Court in south China's Guangdong Province.

Gu was convicted of falsifying and withholding information and embezzlement. He was also fined 6.8 million yuan (944,000 US dollars).

His lawyer, Li Guifang, said that Gu had lodged an appeal at the Guangdong Provincial Higher Court, saying that he was innocent. No comment was immediately available from the court.

Seven other people involved in the same case received prison terms ranging from one to four years. Four of them also appealed.

Gu was convicted of overstating the assets of his company, Greencool Enterprise Development Co, in order to acquire Guangdong Kelon. He later released false financial information to prevent loss-making Guangdong Kelon from being delisted.

Gu also was convicted of embezzling 353 million yuan from Guangdong Kelon and other companies.

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