Corruption – The Singapore Post

The chairman of China Huarong Asset Management, one of China's top bankers, who also served as the Communist Party chief inside the company, Lai Xiaomin has been arrested for taking USD 256 million in cash and gifts. His arrest has revealed the rampant corruption in the government. According to media reports, he was accused of exploiting various professional positions and accepting ill-gotten gains, including money and goods worth 1.79 billion yuan, of which 104 million yuan was eventually not received, between 2008 and 2018, when he headed Hong Kong-listed China Huarong Asset Management and was the director-general of the People's Bank of China's banking supervision department. He is also accused of embezzling public assets worth more than 25.13 million yuan between 2009 and 2018. Meanwh...

The Chinese army, or better off, the People’s Liberation Army is not a motivated one. During the time I dealt with the PLA while commanding the Nathu La Brigade, I realized how it is plagued by corruption, outdated command structures and unprofessionalism. As Nathu La was the central point for military communications for EC, I had to speak on the telephone with my counterpart every week and meet with him once a month followed by drinks and meal. Even families from both the sides joined in.My counterpart once told me that he gets only one third of what I get. However, they get “compensation” in the form of various perks like free rations, liquor, cigarettes, domestic help, and schooling for children, college fee, vehicle etc. Basically, this is how the cadre survives, and these little perks

Tag: Corruption

Arrest of China’s top banker for graft reveals rampant corruption in CCP

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