Mao Shijia, former general manager of China Shipping Tanker Company, subsidiary of China Shipping Development, will serve a six-year sentence and be fined RMB1.5m ($241,000), according to Shanghai Intermediate People's Court.
The court has also charged former assistant general manager Liu Houping for similar crimes, sentencing him to three years and six months of imprisonment and a fine of RMB200,000.
The court heard that Mao, in cahoots with Liu, had abused his position of authority in the company to corruptly obtain some RMB15m in personal gains, leading to heavy losses for the state-owned firm.
Liu admitted to the court that he knew about the corrupted deals and had helped Mao, and pleaded to the court for leniency.
Mao was investigated for corruption in November 2013 and details of his case has only recently emerged.
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