Lowly Bei­jing of­fi­cial em­bez­zled US$130 mil.: media

The China Post - - LIFE GUIDE POST -

Anti- graft author­i­ties have busted a low-level Bei­jing of­fi­cial for al­legedly em­bez­zling more than US$130 mil­lion, state media re­ported — one of the largest amounts re­vealed in the cor­rup­tion crack­down un­der leader Xi Jin­ping.

Zhang Peis­han, a for­mer lowrank­ing agri­cul­tural ser­vices of­fi­cial in a Bei­jing sub­urb, mis- ap­pro­pri­ated 821 mil­lion yuan (US$132.2 mil­lion) from 2008 to 2014, ac­cord­ing to a re­port by Xin­hua News Agency.

The funds were used for fi­nan­cial in­vest­ments, it added at the week­end, cit­ing the Cen­tral Com­mis­sion for Dis­ci­pline In­spec­tion, the anti-graft arm of main­land China’s Com­mu­nist Party.

Zhang placed three mil­lion yuan of the pil­fered money into a per- sonal in­vest­ment ac­count and kept the earn­ings from it.

It was not clear whether the huge to­tal in­cluded any prof­its he had reaped from Chi­nese stocks, which pow­ered up more than 150 per­cent in the 12 months to June 12, be­fore plung­ing.

Zhang has been de­prived of his party mem­ber­ship and his case has been turned over to ju­di­cial author­i­ties, Xin­hua said.

Un­der Xi’s lead­er­ship the Com­mu­nist Party has de­clared a tough ap­proach to root out graft, which he has warned threat­ens its con­tin­ued rule in the face of public anger with cor­rupt of­fi­cials.

Xi has vowed to tar­get both high-level “tigers” and low-rank­ing “flies,” but crit­ics say the drive is vul­ner­a­ble to be­ing used as a way to set­tle po­lit­i­cal scores within the al­most 88 mil­lion-mem­ber party.

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