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Corrupt bank official prosecuted
(Xinhua)
Updated: 2005-08-17 22:10

A court hearing was held for Yu Zhendong, former head of the Kaiping city branch of the Bankof China (BOC) in Guangdong Province, who was accused of embezzlement of public funds.

Yu is the first corrupt Chinese official to have been repatriated to China after fleeing the Chinese mainland. He was handed over by the federal police of the United States to the custody of their Chinese counterpart at the Beijing International Airport in April last year.

During the hearing, held at the Intermediate People's Court of Jiangmen City on Tuesday, the court was told that starting from 1992, Yu collaborated with Xu Chaofan, former chief of BOC Kaiping Branch and Xu Guojun, a manager, in embezzling 82.47 million US dollars from the united fund of the BOC. They used loopholes and then had the money remitted to their private companies overseas to cover corporate expenditures, share and exchange trading, expenses in their personal life and gambling.

In the meantime, the three also collaborated in applying for loans with BOC Kaiping branch using the names of other enterprises and embezzled 132 million US dollars, 273 million yuan (about 33.7million US dollars) and 20 million Hong Kong dollars for operation of their private companies overseas. They also obtained 67.3 million Hong Kong dollars in illicit returns from private overseas companies.

After being charged with embezzlement, Yu Zhendong, Xu Chaofan and Xu Guojun fled to Canada and the United States via Hong Kong in October 2001.

During his stay in Hong Kong, Yu traded shares for cash and transferred all the remainder of the money he embezzled to the bank accounts of his relatives or casinos in the United States and Canada.

Yu candidly confessed everything at Tuesday's hearing.

The ruling of the court will be announced in the future, court sources said.

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