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Chinese Officials Looted US$120 billion Public Funds In 13 Years PDF Print E-mail
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China‘s Central Bank has reported that thousands of corrupt Chinese officials stole more than US$123 billion and fled overseas between 1995 and 2008.

The report also cited Associated Press as saying that the United States was a top destination for the looted funds.

The report, released this week by the People‘s Bank of China, says between 16,000 to 18,000 government officials and executives at state-owned enterprises smuggled about 800 billion yuan (US$123 billion) out of China within the period.

The study says the officials smuggled money into the US, Australia, Canada and Holland, using offshore bank accounts or investments such as real estate or collectibles. Officials masked the thefts as business transactions by setting up private companies to receive the money transfers.

Corruption is often a focal point of protests by ordinary Chinese and is seen as a major threat to political stability. But corruption among Communist Party officials is still common.

The report warned that the corruption was serious enough to threaten China‘s economic and political stability.

China bank executives facing corruption probes

SHANGHAI (Associated Press) — Bosses of China's postal bank and a regional city lender are among the latest financial bigwigs caught up in spreading corruption investigations.

Postal Savings Bank Gov. Tao Liming is "assisting an investigation by relevant authorities into a personal 'economic problem'," the bank said in an announcement Monday, using the usual euphemism in China for graft allegations.

The announcement on website of China's sixth-largest bank said another official, Chen Hongping, was also assisting investigations.

Separately, the financial magazine Caixin and other reports said Zhuang Yonghui, former chairman of Yantai Bank, was being questioned in a corruption case that has led to detentions of more than a dozen people.

Yantai Bank is due to hold an extraordinary general meeting in late June. Among the items on its agenda is approval of the dismissals from its board of Zhuang and another bank official, and the resignation of a third.

The bank's former president, Liu Weining, was detained in eastern China's Zhejiang province in early February on suspicion he embezzled bank funds, the newspaper Global Times reported.

Hong Kong's Hang Seng Bank is the largest shareholder in Yantai Bank, with a 20 percent stake.

In one of the highest profile bank corruption cases now under investigation, a vice president at the Agricultural Bank of China, Yang Kun, was detained late last month.

Authorities are investigating allegations the lender provided loans to a property developer to help him cover 3 billion yuan ($476 million) in gambling debts in the casino enclave of Macau, Caixin said.

 

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