China corruption purge continues

Although Financial Crime Asia may have had a break from reporting, China’s anti-corruption purge has kept on track in rooting out a few unfavourable weeds and sentencing those government officials and business executives found guilty of offering or accepting bribes.

Premier Xi Jingping

Premier Xi Jingping

The man formerly ranked 177th on the Forbes China Rich List has received a four year sentence and USD3.3m fine for bribery. To be honest, that USD3.3m will barely make a dent in Zhang Keqiang‘s reported USD960m fortune; Zhang is appealing the verdict.

Prosecutors in Hunan Province are flexing their muscles in the direction of Tong Mingqian, a former senior government official, for dereliction of duty following his implication in an electoral fraud scheme worth USD18.14m, according to Xinhua.

Up-country in Hubei Province, prosecutors have snared the highest ranking official to date in their anti-corruption campaign. Liu Tienan, the former deputy director of the National Development and Reform Commission, is charged with accepting an ‘extremely large amount of financial incentives.‘ An investigative journalist’s report into Liu’s activities from 2012 accused Liu of fraud, graft and sending death threats.

President Xi Jingping’s campaign is proving successful in smashing the power networks that have formed in China beyond the control of the ruling Communist Party. His actions are showing all the ‘tantalising signs of a political purge‘, according to the FT’s editorial.

Watch this space.

Advertisements

One comment

  1. Every man and woman of this world knows tha corruption is endemic malaise everywhere. This is by no mean a good reason to avoid any combat against this huge bloodsucking activity at the expense of the people. It is a good signal from China Authorities to be seriously involved in contrasting corruption

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s