3 linked to fugitive plead guilty

Former executives of fugitive Chinese billionaire Guo Wengui pleaded guilty to fraudulently obtaining a loan and foreign currency during their trial in Dalian, Liaoning province, on Friday.

The three former executives, Lyu Tao, Xie Honglin and Yang Ying, confessed to fraudulently obtaining loan of 3.2 billion yuan ($471 million) from the Agricultural Bank of China in the name of Beijing Pangu Investment Inc, a company controlled by Guo, by using fake contracts, materials and seals in 2010. The company was also sued on the same charge.

Lyu and Xie also confessed in court that they fraudulently obtained foreign exchanges of $13.5 million with forged invoices in 2012.