Three private business owners in Guangdong province were sentenced for falsely issuing VAT invoices worth more than 100 million yuan in Liaoning province, Xinhua News Agency reported on Sunday.

The sentences the three businessmen received from the first trial of Dalian Intermediate People's Court ranged from 14-year imprisonment to suspension of execution.

The three, after acquiring a company in the bonded area of Dalian by using fake names, falsely issued 114 VAT invoices valued at 147 million yuan ($23.98 million) to 43 different enterprises. The tax involved accounted for 21.42 million yuan.