Main convict in biggest bank corruption case repatriated to China from US
Photo: image.baidu.com
 
One of China’s most wanted fugitives involved in a bank corruption case was repatriated by the US government on Wednesday, 17 years after he had fled the country, China’s top anti-corruption agency said.

Xu Chaofan, who embezzled $485 million from the bank where he had previously worked as president, was repatriated to China on July 11, with the cooperation of Chinese and US law enforcement departments, the National Supervisory Commission said.

Xu fled to the United States via Hong Kong and Canada in October 2001 after it emerged that he had colluded with his two successors Yu Zhendong and Xu Guojun at the sub-branch of the Bank of China at Kaiping in southern Guangdong province to steal $485 million.

Xu is the first fugitive brought back by the National Supervisory Commission since its establishment earlier this year, according to Chinese media.

The Commission is now China’s highest anti-corruption agency, known to be at the same administrative ranking as the Supreme People's Court and Supreme People's Procuratorate. Its operations are merged with the Central Commission for Discipline Inspection (CCDI).

Xu was put under arrest in 2003 in the United States, and later convicted and sentenced to a 25-year prison term there in 2009. Before the repatriation, Xu was serving his time in prison in the US. The government agency said more than 2 billion yuan taken away by Xu has been recovered.

Xu was promoted to the position of president for the Kaiping sub-branch of Bank of China when he was merely 30 years old. He was addicted to gambling and lost over 60 million yuan in only four hours in Macao. From 1993, Xu began to engage in illegal foreign exchange trading and then embezzled over $100 million to fill up the deficit.

Yu Zhendong, an accomplice of Xu volunteered to come back to China and was sentenced to 12 years in prison. Instead, Xu chose to stay in the US, in an effort to use two countries’ legal difference to evade punishment.

According to the National Supervisory Commission, the Xu case marks the first success for China in “forced repatriation” of a corrupt high-ranking public employee from developed countries after he was convicted and had served some years in jail there.

Based on a consensus reached by Chinese and the US authorities on transnational lawsuits, the Central Commission for Discipline Inspection had worked with Supreme People’s Procuratorate, the Ministry of Public Security and Ministry of Justice to provide their American counterparts 150,000 pages of proof material along with witnesses to testify in the US court.

The National Supervisory Commission said in a statement that, till now, more than 2 billion yuan taken away by Xu has been recovered.
 
 

 


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