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February 6, 2010

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Charges filed against former ministry official

PROSECUTORS in Beijing have filed charges against a former senior official in the Ministry of Commerce for allegedly accepting assets and bribes worth more than 6 million yuan (US$878,541.63).

Guo Jingyi, 44, who was detained last August, is said to have provided preferential treatment in exchange, prosecutors said.

The former senior official in the ministry's treaty and law department had held his ministry post for four years.

He was responsible for designs and modifications of laws on foreign capital.

Yesterday's Beijing Evening News quoted a source close to the issue as saying that Guo had received 1.1 million yuan to change laws concerning the percentage shares foreign investors could control in Chinese-listed companies.

The report said that Guo had also cooperated with officials in other ministries to offer preferential treatment.

Guo is alleged to have cooperated with Liu Wei, the official in charge of foreign investment registration in the Administration for Industry and Commerce, to help Beijing-based Capital Group to start its foreign fund company.

In return, prosecutors said, Guo and Liu were given a house each at 50 percent of the market price. Prosecutors said they gained more than 1.3 million yuan each from the deal.

Guo is also said to have cooperated with Xu Mangang, a senior official of the State Administration of Foreign Exchange, to give illegal help to an unnamed company in foreign exchange examinations.

They took 3.87 million yuan for the help, according to the newspaper.

At least five high-ranking officials are implicated in the case, the Beijing Times said.


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