Party kicks out official for financial misconduct
Print Edition
A BEIJING official has been stripped of Party membership for embezzling 821 million yuan (US$134.2 million) to conduct financial transactions.
Zhang Peishan, former director of an agricultural service center in Changping District, used escrow funds for financial investment from September 2008 to April 2014, the Central Commission for Discipline Inspection (CCDI) said on its website.
Zhang put 3 million yuan of the funds into a personal account and pocketed the earnings. He also accepted 140,000 yuan from a loan and trust company. Zhang’s case has been transferred to judicial bodies.
His case is one of 165 in which officials have been named and shamed for accepting bribes, embezzlement of public funds, lavish banquets, dereliction of duty, and other violations.
An eight-point rule was introduced by the Politburo at the end of 2012 to address bureaucracy and extravagance. The CCDI has been publicizing these cases since April 2014.
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