Sunday, June 19, 2011

Chinese to Give Embezzlement Lessons to Iraq

You might recall this story about the Iraqis bitching about their missing few billions, well that's just small potatoes compared to the shenanigans of the Chinese.

Makes me wonder just how difficult it was for the miscreants to obtain an entry visa to the US?

Kind of takes me back to Canada in the early seventies. Some East European bloke, who was an illegal or had overstayed his visitors visa, managed to hit the jackpot on the National Lottery, then about five million bucks if I remember rightly. And the government's response? Would you (and your $5M) like a green card?

Chinese officials stole $120 billion, fled mainly to US

17 June 2011

Thousands of corrupt Chinese government officials have stolen more than $120bn (£74bn) and fled overseas, mainly to the US, according to a report released by China's central bank.

Between 16,000 and 18,000 officials and employees of state-owned companies left China with the funds from the mid-1990s up until 2008.

The officials used offshore bank accounts to smuggle the funds, according to the study posted on the People's Bank of China website this week but which has since been removed.

It said the officials smuggled about 800 billion yuan into the US, Australia, Canada and Holland through offshore bank accounts or investments, like property or collectables.

The stolen funds were covered up by disguising them as business transactions by establishing private companies to receive the money transfers.

The study said corruption inside China was severe enough to threaten the nation's economic and political stability. BBC

No comments: