A Chinese millionaire has been executed for arranging a contract killing on a man who threatened to expose him for attempting to murder a business partner.

Yuan Baojing, former president of Beijing-based Jianhao Group, was put to death by lethal injection Saturday in Liaoning province. His brother and cousin were also executed.

Yuan was sentenced to death last January for hiring a hit man in a failed plot to kill a business partner who caused his company to lose more than $10 million.

The man who found the hit man then began blackmailing Yuan.  The tycoon paid his brother and cousin to kill the blackmailer, who was shot to death in October 2003.

Some information for this report was provided by AP.