Recent Posts and Categories

Overseas ‘no safe haven’ for corrupt officials

OWoN: Times are changing and when this hits America the Jails will be overflowing.

"CORRUPT officials who think that foreign countries are safe havens are indulging in wishful thinking, an anonymous insider told the People’s Daily website yesterday.

Authorities have tracked down a significant number of Chinese officials suspected of absconding with illicit funds amid an international manhunt."


A gold-plated Infiniti luxury sports car outside a jewelry store in Nanjing, in East China’s Jiangsu Province, March 31, 2011. Corrupt officials, who often use their stolen money on extravagant luxury items like this, are a problem for the CCP as such officials plunder wealth and flee the country


Overseas ‘no safe haven’ for corrupt officials


Shanghai Daily
By Leeann Li
29 October 2014

Corrupt officials who think that foreign countries are safe havens are indulging in wishful thinking, an anonymous insider told the People’s Daily website yesterday.

Authorities have tracked down a significant number of Chinese officials suspected of absconding with illicit funds amid an international manhunt.

Operation “Fox Hunt,” which was launched on July 22, has snared nearly 130 fugitives and uncovered the whereabouts of many others.

Authorities haven’t released the exact number of fugitive officials, but statistics from various research institutions had suggested a rising trend.

In 2004, the Chinese Academy of International Trade and Economic Cooperation said that nearly 4,000 officials had fled overseas since the introduction of 1978’s reform and opening-up policy. They took nearly US$50 billion with them, the academy said.

In 2008, China’s central bank, the People’s Bank of China, cited a Chinese Academy of Social Sciences research report saying that about 16,000 to 18,000 officials from Party organs, government departments, state institutions and state-owned companies had fled overseas or disappeared since the mid-1990s along with 800 billion yuan (US$131 billion).

Cao Jianming, China’s top procurator, revealed in October last year that 6,694 corrupt officials had been caught overseas between 2008 and 2013.

According to China’s top Party disciplinary watchdog, 1,100 officials failed to return to China after going abroad on holiday last year. Among them, 714 were identified as fleeing overseas.

This February, the Chinese Academy of Social Sciences said the number was sure to rise, especially of officials who had acquaintances or assets overseas.

This flow of money out of China has reportedly boosted demand for houses, filled universities and fueled spending on luxury goods right across the Australian economy
- Australian Financial Review
Australia, the United States and Canada were the most popular destinations.

According to the Australian Financial Review, they are drawn to Australia because it provides some of the strongest protections for individuals facing criminal charges anywhere in the world.

It explained how Chinese fortunes could be hidden in Australia by giving the example of Su Shunhu, former deputy director of transport at the former Ministry of Railways.

Su was sentenced to life imprisonment on October 17 for taking bribes worth nearly 24.9 million yuan from three companies between 2003 and 2011.

The Beijing No. 2 Intermediate People’s Court found Zhou Yunfu, boss of one of the companies, sent A$1.19 million (US$1.05 million) to Su’s son Su Guanlin and daughter-in-law Qian Yi in Sydney.

They used the cash to deal in property worth A$4.5million, the newspaper said.

Last week, the Sydney Morning Herald reported that Australian police had agreed to assist China in extraditing corrupt Chinese officials.

link

No comments :

Post a Comment

If your comment violates OWON's Terms of Service or has in the past, then it will NOT be published.

Powered by Blogger.