Laiwu Ex-CFO Guilty of Embezzlement – Jamil Anderlini

From Financial Times:

The former chief financial officer of Laiwu Steel , a Chinese steelmaker in negotiations to sell a stake to Arcelor Mittal , has been sentenced to 10 years in prison for embezzlement, the Shanghai-listed company said on Thursday.

The guilty verdict for Yu Dezheng is the latest in Beijing’s year-long crackdown on the country’s endemic corporate and political corruption. Arcelor Mittal, the world’s largest steel company, said yesterday the conviction would not affect negotiations about the price and size of the stake it intends to take in China’s eighth-largest steel firm. [Full Text]