Being management personnel of a listed company, not only did they accept bribes, but they also targeted the company's scrap cardboard boxes that were originally for sale, pocketing the proceeds, ultimately ending up in prison. On the 22nd, two former employees of Three Squirrels made it to the fifth spot on Weibo's hot search list for being sentenced for privately "picking up" company scrap cardboard boxes to sell for money. Former Three Squirrels management personnel stole and sold scrap cardboard boxes Recently, the China Judgments Online website公开ed a case where two employees of Three Squirrels were sentenced for accepting bribes and privately "picking up" scrap cardboard boxes to sell for money. According to the judgment documents, the defendant Jiang, male, born on August 10, 1991, in Ningguo City, Anhui Province, Han ethnicity, with a college degree, was the former Director of the Staff Office of Three Squirrels Co., Ltd. His registered residence was in Ningguo City, Anhui Province, and he lived in Yijiang District, Wuhu City. He was criminally detained on September 30, 2020, by the Yijiang Branch of Wuhu Public Security Bureau on suspicion of accepting bribes by a non-state functionary, arrested on November 6, and is currently held in Wuhu First Detention Center. Jiang joined Three Squirrels Co., Ltd. on July 22, 2013, as a logistics warehouse keeper, with the internal nickname "Shu Afei", changed to "Shu Weiqing" in August 2019. On July 1, 2016, he became Senior Manager of North China DC and Manager of Tianjin Distribution Warehouse; on September 12, 2019, he became Director of North China Region and Operations Manager of Tianjin 2C Shipping Warehouse; on March 8, 2020, he handed over work to the new head of the North China region, and after the handover until the case was exposed, he served as Chief of Staff of the Logistics Staff Office. From July 2016 to March 2020, Jiang used his position as Senior Manager of North China DC and Manager of Tianjin Distribution Warehouse, and later as Director of North China Region and Operations Manager of Tianjin 2C Shipping Warehouse, to continuously accept bribes from Wang, the legal representative of Beijing Longjinyi Labor Service Co., Ltd. (handled separately). 1. In September or October 2017, the defendant Jiang accepted 20,000 yuan in cash from Wang. 2. Before the Spring Festival in 2018, the defendant Jiang accepted 80,000 yuan in cash from Wang. 3. On February 18, 2019, the defendant Jiang accepted 110,000 yuan transferred by Wang to his bank account. 4. From March 25, 2019, to March 31, 2020, the defendant Jiang successively accepted a total of 75,342 yuan via WeChat transfers from Wang, and later returned 6,300 yuan to Wang. In September 2020, fearing investigation, Jiang transferred the remaining 69,042 yuan back to Wang. 5. On January 18, 2020, Jiang demanded a BMW 7201 em hev car from Wang, who paid 429,000 yuan for it. On September 28 of the same year, fearing investigation, Jiang transferred the car to Wang's wife, Lü Zhengkun. In addition, between October 2018 and April 2020, Jiang also took advantage of his position, conspiring with co-defendant Tong to embezzle scrap cardboard boxes (valued at 684,000 yuan) sold by Three Squirrels Co., Ltd. by not recording sales or adjusting weighing scales. Among this, Jiang received 344,000 yuan, and Tong received 340,000 yuan. A relevant person in charge of Three Squirrels responded that the above case was discovered during the company's internal self-inspection, and after further investigation and evidence collection, they reported it to the public security organ. ▲Source: Daily Economic News The incident of two former Three Squirrels employees embezzling company scrap cardboard boxes for a profit of 684,000 yuan also sparked heated discussion among netizens. Many netizens were surprised: "So scrap cardboard boxes are that valuable"; others said they felt like they had thrown away a hundred million. ▲Source: Weibo For many netizens surprised that scrap paper was so valuable, a netizen in the papermaking industry said that 680,000 yuan worth of scrap paper is approximately 250-300 tons, which is not a large amount in the scrap paper industry. ▲Source: Weibo According to China Securities Journal, relevant industry personnel said that during the period when the former Three Squirrels employees embezzled the scrap cardboard boxes, scrap paper prices were relatively low, with paper mills purchasing at 0.5 to 0.8 yuan per jin (half a kilogram). Based on this, the total amount of scrap cardboard boxes embezzled by the two "rats" of the listed company could be over one million jin. First-instance court judgment: 1 year and 10 months, fine of 100,000 yuan The court held that the defendant Jiang, as a company employee, took advantage of his position to illegally accept and demand property from others worth 708,042 yuan, which constituted the crime of accepting bribes by a non-state functionary. Jiang, taking advantage of his position, conspired with co-defendant Tong to illegally occupy property of Three Squirrels Co., Ltd. (valued at 684,000 yuan), which constituted the crime of职务侵占 (embezzlement), and it was joint crime. The charges and facts accused by the public prosecution were established. After Jiang arrived at the case, he truthfully confessed the criminal facts of accepting property from others, which constituted a frank confession and could be given a lighter punishment; he voluntarily confessed the facts of职务侵占 that the public security organ had not yet mastered, which constituted voluntary surrender and could be given a lighter punishment. The defendant Tong voluntarily surrendered and truthfully confessed his crimes, constituting voluntary surrender and could be given a lighter punishment. Both defendants voluntarily admitted guilt and accepted punishment, so they could be dealt with leniently. Both defendants returned all illegal gains, which could also be given a lighter punishment as appropriate. The court adopted the relevant defense opinions of the two defenders. The briber Wang took 110,000 yuan from Jiang as a loan, and Jiang had no intention to repay it voluntarily, so the court did not adopt the defender's opinion that the total amount of bribes accepted by Jiang should be reduced by 110,000 yuan. The court of first instance sentenced Jiang to one year and two months in prison for the crime of accepting bribes by a non-state functionary, and a fine of 50,000 yuan; for the crime of职务侵占, he was sentenced to eleven months in prison and a fine of 50,000 yuan. The combined sentence was one year and ten months in prison, and a fine of 100,000 yuan. Tong was sentenced to one year in prison for the crime of职务侵占, with a two-year reprieve, and a fine of 50,000 yuan. The 100,000 yuan of illegal gains returned by Jiang, the 179,042 yuan of bribe money recovered by the public security organ, and the BMW 7201 em hev car with license plate Jin AF338** were all confiscated. The involved employee's annual salary may be around 140,000 yuan According to data from the prospectus published by Three Squirrels in July 2019, the company's average annual salary for high-level employees in 2018 was 543,000 yuan; for mid-level employees, 145,600 yuan; and for low-level employees, 40,800 yuan. By job category, in 2018, Three Squirrels' sales personnel earned an annual salary of 68,900 yuan; management personnel earned 132,200 yuan; production personnel earned 65,700 yuan; and R&D personnel earned 147,900 yuan. Based on this information, Jiang may have been a mid-level management employee, and his income in 2018 when he embezzled and sold scrap cardboard boxes may have been around 140,000 yuan. It is worth noting that a netizen claiming to be a "former Three Squirrels product planner" commented on the matter on social media, saying that Three Squirrels CEO Zhang Liaoyuan also posted on his Moments after Jiang's trial, stating that the employee with the nickname "Shu Weiqing" came from a poor family, with his father chronically ill and his mother earning 2,000 yuan a month washing dishes. It is worth noting that on June 18, Three Squirrels released a summary of its 2021 restricted stock incentive plan (draft). The announcement stated that the plan initially involves a total of 208 incentive recipients, and the stock source is the company's RMB A-share ordinary shares issued to the incentive recipients; the number of restricted shares to be granted is 1.1158 million shares, accounting for 0.278% of the company's total share capital on the announcement date of the draft plan. On June 20, Three Squirrels released its 2021 business partner shareholding plan (draft) to establish and improve the benefit-sharing mechanism between employees and shareholders. The shareholding plan's scale does not exceed 3.851575 million shares, accounting for approximately 0.96% of the company's total share capital on the announcement date of the draft. The plan transfers the company's repurchased shares at a price of 0 yuan per share, requiring no capital contribution from holders. The 2021 first-quarter report showed that Three Squirrels' revenue and net profit attributable to the parent company both increased, reaching 3.671 billion yuan and 315 million yuan respectively, up 7.58% and 67.57% year-on-year. As of the close on June 22, Three Squirrels was quoted at 50.97 yuan per share, down 2.23%, with a market value of 20.439 billion yuan. -END- Source: Retail Circle (ID: retailsphere), Daily Economic News, China Judgments Online, China Securities Journal, etc. Are you "watching" me?