Chinese boss charged in $43 million embezzlement case

GUANGZHOU -- The former boss of a state owned company has been charged for embezzling more than 270 million yuan ($43 million), the procuratorate of Guangzhou Municipality said on Tuesday.

Chen Dong, former general manager of Guangdong Hangxing Trade Co., took the company's money and lent it to a number of companies, the prosecutors said.

The money was taken between March and August 2013, and about 185 million yuan has still not been returned.

In return for playing loanshark, Chen accepted bribes of about 200,000 yuan, prosecutors said.