Song Lin, former chairman of China Resources Group, was sentenced to 14 years in prison Thursday for taking bribes and embezzlement.
The sentence was handed down by the Intermediate People's Court of Guangzhou in south China's Guangdong Province.
Song was fined 4 million yuan (around 588,200 U.S. dollars) and his illicit gains will either be returned to the group or turned over to the state treasury, the court said in a statement.
An investigation showed that he embezzled public assets worth more than 9.74 million yuan from 2004 to 2013. He was also found to have accepted bribes worth more than 23.32 million yuan in return for favors in project cooperation, investment and promotions between 2005 and 2012.
The court held that Song accepted a large amount in bribes, but decided to be lenient as he pleaded guilty, expressed remorse and returned his illegal gains.