Thursday, 15 November 2007

Corruption Watch: Official accused of stealing US$240 million

In an effort to keep readers abreast of corruption trends in China we bring the case of the $240 million dollar official.

This shows that the Chinese sure like a gamble. Perhaps more worrying is the amount spent "speculating of real estate". For now many such gambles have been winners. How many other cases are there out there that will only be revealed once the asset bubbles in shares and land burst.

China official accused of stealing US$240 million [The China Post]

HONG KONG -- A Chinese post office director has been accused of stealing more than US$240 million from customers to help pay off her gambling debts and make personal investments, local media reported on Tuesday. He Liqiong, 43, who managed a post office in the southern Chinese city of Foshan, is accused of amassing 1.79 billion yuan over three years by siphoning cash from hundreds of depositors at her branch.

"He Liqiong is suspected of using 19.8 million yuan to repay gambling debts, more than 73 million yuan for investments, and around 20 million yuan to speculate on land around Foshan," the Sing Tao Daily quoted police investigators as saying.


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