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Corruption topples top forex official
By Wang Xiang |
June 7, 2010, Monday
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Online Edition
Online Edition
A FORMER foreign exchange official has been sentenced to 12 years in prison for taking 3 million yuan (US$439,368) in bribes.
Xu Mangang, a former director in the State Administration of Foreign Exchange, was implicated in the case of Guo Jingyi, the former senior official in the Ministry of Commerce who was sentenced to death with a two-year reprieve for corruption last month.
Beijing No.2 Intermediate People's court found Xu guilty of taking HK$ 3.1 million and an expensive Omega watch from a natural gas company.
In return, Xu cooperated with Guo in helping the company to escape foreign exchange scrutiny during his tenure between 2005 and 2008, Southern Metropolis Daily reported today.
He also took HK$100,000 from a Guangdong based real estate company and 50,000 yuan from a Beijing company after giving them preferential treatment.
The court said Xu's 12-year jail term was lenient because he confessed readily. He did not appeal, the report said.
Xu was arrested in April 2009, after Guo's confession implicated him. Guo, the highest-ranking official brought down by corruption in the Ministry of Commerce, had a long-running case that incriminated several other top officials.
Deng Zhan, 63, vice head of the commerce ministry's Foreign Investment Department, was jailed for 12 years after he was convicted of cooperating with Guo in taking 2.2 million yuan in bribes.
Liu Wei, an official in charge of foreign investment registration in the Administration for Industry and Commerce, was arrested for allegedly helping Beijing-based Capital Group to start its foreign fund company.
Xu Mangang, a former director in the State Administration of Foreign Exchange, was implicated in the case of Guo Jingyi, the former senior official in the Ministry of Commerce who was sentenced to death with a two-year reprieve for corruption last month.
Beijing No.2 Intermediate People's court found Xu guilty of taking HK$ 3.1 million and an expensive Omega watch from a natural gas company.
In return, Xu cooperated with Guo in helping the company to escape foreign exchange scrutiny during his tenure between 2005 and 2008, Southern Metropolis Daily reported today.
He also took HK$100,000 from a Guangdong based real estate company and 50,000 yuan from a Beijing company after giving them preferential treatment.
The court said Xu's 12-year jail term was lenient because he confessed readily. He did not appeal, the report said.
Xu was arrested in April 2009, after Guo's confession implicated him. Guo, the highest-ranking official brought down by corruption in the Ministry of Commerce, had a long-running case that incriminated several other top officials.
Deng Zhan, 63, vice head of the commerce ministry's Foreign Investment Department, was jailed for 12 years after he was convicted of cooperating with Guo in taking 2.2 million yuan in bribes.
Liu Wei, an official in charge of foreign investment registration in the Administration for Industry and Commerce, was arrested for allegedly helping Beijing-based Capital Group to start its foreign fund company.
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