A court in North China's Inner Mongolia autonomous region sentenced to death a former president of a State-owned gold and silver company, North News reported.

Song Wendai, president and chief manager of Inner Mongolia Qiankun Gold & Silver Refinery Co Ltd, was found guilty of corruption and embezzlement of public funds, according to the verdict from the Intermediate People's Court in Bayan Nur city.

Song embezzled public funds and property worth 65 million yuan ($10.4 million) and misappropriated another 21 million yuan to run his own business.

The court ruled that the crimes he committed were serious and given that he refused to admit his crimes, Song was sentenced to death and his political rights were also deprived.

Song's personal assets, as well as the assets that the procurators confiscated during the investigation period — including 2.7 million yuan ($430,940), 134.2 kg of gold, 995 kg of silver, four properties and four cars — will be confiscated and turned over to the State treasury.

Song refused to accept the ruling and said he will appeal to a higher court.