CHINA / Regional |
4 more sacked over fund scamBy Cao Li (China Daily)Updated: 2007-05-22 06:44
SHANGHAI: Four more officials have been sacked for corruption as investigation into the misuse of the pension fund goes on, the city's anti-corruption watchdog said. Chen Chaoxian, former deputy Party secretary of Changning District; Ling Baoheng, former deputy director of the State-owned Assets Supervision and Administration Commission; Yin Guoyuan, former deputy director of the Shanghai municipal housing, land and resource administration bureau; and Yu Zhifei, former general manager of the Shanghai International Circuit and former general manager of a local football club, have also been expelled from the Communist Party of China (CPC). The case has been handed to judicial departments for further investigation and prosecution. More than 3 billion yuan ($386 million) of the pension fund was misappropriated to invest in property developments and highway construction. Twelve senior officials and heads of State-owned enterprises, including former Party secretary Chen Liangyu, have already been sacked. According to a release from the Shanghai municipal commission for discipline inspection of the CPC, Chen and Ling allegedly took advantage of their posts to accept bribes and pursue interests on behalf of others. Yu, chief of China's Formula One racing circuit, allegedly took advantage of his post when he was the general manager of Shanghai Shenhua Football Club to misappropriate funds of the club and its managing company, to buy a house. Yu is famous for bringing Manchester United to Shanghai in 1999. Yin allegedly accepted a large amount in bribes, company shares, houses and cars. He is also accused of taking advantage of his post to aid the interests of others.
(China Daily 05/22/2007 page3) |
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