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Top financial cops linked to bribes
By Pan Xiaoyi and Qian Tong |
02:25 UTC+8 January 20, 2009
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Print Edition
Print Edition
TWO high-ranking Ministry of Public Security officials are under investigation for allegedly accepting bribes while probing financial crimes, a Chinese magazine reported yesterday.
Zheng Shaodong, assistant to the minister of public security and director general of the economic criminal investigation bureau, and Xiang Huaizhu, the bureau's deputy director, were placed under "double designation" status by the Communist Party of China's Central Discipline Committee on January 12, according to a report in Caijing.
The designation refers to a special investigation procedure under which a Party official is ordered to explain or confess to allegations of discipline violations or corruption at a designated time and place.
Zheng's detention was linked to investigations into Lian Chao, an investor in the five-star gambling ship "Neptune" operating in waters near Hong Kong and Macau, according to the report, which was based on information from unidentified discipline committee members.
Lian, nicknamed "the gambling king of the high seas," was detained at the end of last year for allegedly assisting Huang Guangyu, the former chairman of Gome Electrical Appliances Holdings Ltd, in laundering money through gambling.
According to flight records, Huang traveled to Hong Kong and Macau dozens of times in the first 10 months last year before he was detained for suspected market manipulations.
An insider who is familiar with the case said Huang flew there even more frequently under a concealed identity with help from Lian.
Lian had a close relationship with wealthy businessmen and officials and often invited them to gamble on the ship, according to the magazine. Gambling on the high seas is lucrative because it is tax-free and does not fall under supervision of the police.
Huang lost 8 billion yuan in recent years, the Caijing report said.
Lian is also alleged to have helped Du Juan, Huang's wife, attempt to flee China after the investigation into her husband began. Du is now confined to her home in Beijing under police surveillance, the report said.
Authorities cited in the story did not specify a direct link between Zheng and Huang.
Zheng, 51, has served as assistant minister of public security since 2005. At the end of last year, Zheng told police to be prudent while seizing assets or freezing accounts of enterprises suspected of being involved in crimes.
They should think twice before detaining or arresting senior managers in such firms, Zheng said.
His remark aroused widespread public criticism at the time.
Huang was named the second-richest man on Chinese mainland by Forbes magazine last year. He faces charges of manipulating the prices of shares in two firms, Shanghai-listed Sanlian Commercial Co and Shenzhen-listed Beijing Centergate Technologies Co, the China Securities Regulatory Commission said in November.
His brother Huang Junqin, chairman of the Beijing Towercrest Group, a real estate and investment firm, is also under investigation by police.
Huang remains the biggest shareholder in Gome, but he resigned his position as chairman on Sunday.
Zheng Shaodong, assistant to the minister of public security and director general of the economic criminal investigation bureau, and Xiang Huaizhu, the bureau's deputy director, were placed under "double designation" status by the Communist Party of China's Central Discipline Committee on January 12, according to a report in Caijing.
The designation refers to a special investigation procedure under which a Party official is ordered to explain or confess to allegations of discipline violations or corruption at a designated time and place.
Zheng's detention was linked to investigations into Lian Chao, an investor in the five-star gambling ship "Neptune" operating in waters near Hong Kong and Macau, according to the report, which was based on information from unidentified discipline committee members.
Lian, nicknamed "the gambling king of the high seas," was detained at the end of last year for allegedly assisting Huang Guangyu, the former chairman of Gome Electrical Appliances Holdings Ltd, in laundering money through gambling.
According to flight records, Huang traveled to Hong Kong and Macau dozens of times in the first 10 months last year before he was detained for suspected market manipulations.
An insider who is familiar with the case said Huang flew there even more frequently under a concealed identity with help from Lian.
Lian had a close relationship with wealthy businessmen and officials and often invited them to gamble on the ship, according to the magazine. Gambling on the high seas is lucrative because it is tax-free and does not fall under supervision of the police.
Huang lost 8 billion yuan in recent years, the Caijing report said.
Lian is also alleged to have helped Du Juan, Huang's wife, attempt to flee China after the investigation into her husband began. Du is now confined to her home in Beijing under police surveillance, the report said.
Authorities cited in the story did not specify a direct link between Zheng and Huang.
Zheng, 51, has served as assistant minister of public security since 2005. At the end of last year, Zheng told police to be prudent while seizing assets or freezing accounts of enterprises suspected of being involved in crimes.
They should think twice before detaining or arresting senior managers in such firms, Zheng said.
His remark aroused widespread public criticism at the time.
Huang was named the second-richest man on Chinese mainland by Forbes magazine last year. He faces charges of manipulating the prices of shares in two firms, Shanghai-listed Sanlian Commercial Co and Shenzhen-listed Beijing Centergate Technologies Co, the China Securities Regulatory Commission said in November.
His brother Huang Junqin, chairman of the Beijing Towercrest Group, a real estate and investment firm, is also under investigation by police.
Huang remains the biggest shareholder in Gome, but he resigned his position as chairman on Sunday.
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