A Hong Kong businessman has been sentenced to life in prison by the Beijing First Mediate Court on charges of embezzling just under one billion yuan (US$119 million) with fake trust documents and illegal transfer notifications from Beijing Bank, reports the Legal Evening News on June 14.

Hong Kong native Li Peiguo was convicted on embezzlement charges. The court has confiscated his possessions, the Beijing-based newspaper says.

The sentencing came just days after the Bank of Communications, China's fifth largest bank was embezzled out of roughly 200 million yuan (US$25 million) at a branch office in Shenyang, capital of Liaoning Province, Northeast China, according to state media reports.

The newspaper says Li, who was a representative of National Hong Kong Group Limited in 1993, used the fabricated Dalian Bende International Commerce company seal, illegal transfer notifications and trust indentures to get the necessary documents to illegally buy a 70 per cent stock interest in Dalian from Beijing Bank.

Li went on trial in October 2005.