Former CITIC executive sentenced to 18 years imprisonment for graft

CHANGSHA - Zhao Jingwen, a former executive director of CITIC Group, was sentenced to 18 years in prison on Saturday for taking bribes and embezzlement.

Zhao was also fined 3.2 million yuan (about $495,000), according to a statement from the Intermediate People's Court of Changsha, Hunan province.

The court found that between 2000 and 2014, Zhao had taken advantage of his various positions in the CITIC to offer help for others regarding project acquisition, project contracting as well as personnel arrangements and promotions. In return, he received money amounting to millions of yuan.

The court also found that Zhao had abused his positions to embezzle more than 1 million yuan from the enterprise.

The court said Zhao was given a lenient punishment for various reasons, including him being cooperative in the investigation and showing repentance.