Corrupt Chinese officials and employees have stole 800 billion yuan ($123.7 billion) of public money through 08 -
Corrupt Chinese officials and employees of state-owned companies have absconded with about 800 billion yuan ($123.7 billion) of public money over 15 years through 2008, much of it making its way to the U.S., Canada, Australia and the Netherlands, according to Chinese news reports citing a central bank study.
The 67-page report, completed in 2008, was posted on the People’s Bank of China’s website this week, purportedly by mistake, and has since been taken down, although PDFs of the document are circulating in cyberspace.
In the report, which appears never to have been intended for public release, the PBOC estimated about 16,000 to 18,000 individuals have fled the country with ill-gotten funds over a 15-year period leading up to the report’s release, according to news-media accounts.
The PBOC focused upon where people went and how they got the embezzled funds out of the country.
One method, the study was cited as saying, was with the help of family or other trusted individuals who emigrated overseas, often using fake documents.
Read more - http://www.marketwatch.com/story/china-central-bank-finds-officials-stole-billions-2011-06-17?link=MW_home_latest_news
Corrupt Chinese officials and employees of state-owned companies have absconded with about 800 billion yuan ($123.7 billion) of public money over 15 years through 2008, much of it making its way to the U.S., Canada, Australia and the Netherlands, according to Chinese news reports citing a central bank study.
The 67-page report, completed in 2008, was posted on the People’s Bank of China’s website this week, purportedly by mistake, and has since been taken down, although PDFs of the document are circulating in cyberspace.
In the report, which appears never to have been intended for public release, the PBOC estimated about 16,000 to 18,000 individuals have fled the country with ill-gotten funds over a 15-year period leading up to the report’s release, according to news-media accounts.
The PBOC focused upon where people went and how they got the embezzled funds out of the country.
One method, the study was cited as saying, was with the help of family or other trusted individuals who emigrated overseas, often using fake documents.
Read more - http://www.marketwatch.com/story/china-central-bank-finds-officials-stole-billions-2011-06-17?link=MW_home_latest_news
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