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Fund raising mandate draws criticism
By Zhang Xuanchen |
November 3, 2010, Wednesday
|
Online Edition
Online Edition
COUNTY authorities in central Henan Province are under fire for forcing their government employees to raise 150 million yuan (US$22.48 million) for the construction of a new industrial zone.
More than 30,000 government employees in Fangcheng County were given a minimum lending quota of 1,000 yuan each while senior officials were required to lend as much as 30,000 yuan for the project, China Radio reported today.
Those who fail to meet their target by end of this year will be fired, said a mid-level official surnamed Zhang, who had handed 20,000 yuan to his superior since the order came early this month.
Although local authorities said in a statement that it would return all the money within three years with an annual interest rate of 9.6 percent, many still worried about where the money was going.
Zhang said he received neither an official document about the fund raise, nor a receipt for the money he gave.
More than 30,000 government employees in Fangcheng County were given a minimum lending quota of 1,000 yuan each while senior officials were required to lend as much as 30,000 yuan for the project, China Radio reported today.
Those who fail to meet their target by end of this year will be fired, said a mid-level official surnamed Zhang, who had handed 20,000 yuan to his superior since the order came early this month.
Although local authorities said in a statement that it would return all the money within three years with an annual interest rate of 9.6 percent, many still worried about where the money was going.
Zhang said he received neither an official document about the fund raise, nor a receipt for the money he gave.
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