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.
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.