Caixin
Caixin Global – Latest China News & Headlines

Home >

TRENDING
TCL Tech to Buy Back Panel Unit Stake for $1.3 Billion
Robot Startup Galaxea AI Raises $291 Million
ByteDance’s Volcengine Powers AI Growth with OpenClaw Partnership
LATEST
Alibaba Releases Qwen 3.6-Plus AI Model With Enhanced Coding Capabilities
ByteDance’s Volcengine Powers AI Growth with OpenClaw Partnership
Robot Startup Galaxea AI Raises $291 Million
TCL Tech to Buy Back Panel Unit Stake for $1.3 Billion
CAS Space Seeks IPO as China’s Reusable Rocket Race Heats Up
U.S. Chipmaker Onsemi Doubles Down on China With New Shanghai Headquarters
Optical Interconnect Maker Lightelligence Files for Hong Kong IPO
CAS Space Launches Reusable Rocket in China’s Satellite Push
DeepSeek Goes Out for 10 Hours Amid China’s AI Demand Surge
OpenClaw Craze Is Driving Next Phase of AI Development, Insiders Say
China, South Korea Robotics Firms Explore Embodied AI Cooperation
Analysis: Meta’s Manus Deal Faces Scrutiny in China Over Tech Exports, Antitrust Concerns
Chinese GPU Maker MetaX Doubles Revenue Amid Push for Domestic Chips
Kuaishou Ramps Up AI Commercialization as Kling Revenue Hits $150 Million
Alibaba Launches AI Agent for Small Businesses With International Ambitions
China Telecom to Boost AI Spending Amid Capex Cut and Slowing Growth
Siemens Unveils 26 China-Made Products in Industrial AI Push
Alibaba’s Qwen Launches AI Ride-Hailing Feature to Rival Didi
AI Agents to Reshape Global White-Collar Economy, Alibaba Chairman Says
China Opens First National Testing Center for Flying Cars

By Han Wei / Dec 27, 2018 06:32 AM / Politics & Law

Photo: VCG

Photo: VCG

A court in eastern China’s Shandong province Wednesday handed a 12-year jail term to the former general manager of state-backed chemical giant Sinochem Group.

Cai Xiyou was sentenced to jail and fined 3 million yuan ($434,000) for corruption, according to state broadcaster China Central Television. A court hearing on Cai’s case in September was held behind closed doors as it involves national security, CCTV reported. Cai pleaded guilty to the charges and said he would not appeal.

Cai was put under investigation in 2016, two years after he was appointed to lead Sinochem. Previously, he had a long career at the state oil major Sinopec Group.

Cai was charged with taking as much as 53.6 million yuan ($7.8 million) in bribes to manipulate contracts and facilitate illegal sales and purchases of refined products between 1997 and 2016 during his time at Sinopec.

Share this article
Open WeChat and scan the QR code