Thursday, February 09, 2006

China Tracks Down And Are Extraditing Numerous Bank Embezzlers


By Elaine Meinel Supkis

China is working to extradite around 4000 corrupt bank officials all over the world. They have already gotten ahold of several in the USA. At the official news site of the Communist Chinese government, they explain the stark fact that these crimes will be punished with a bullet to the back of the head.

From Xinhua net:
Chinese officials and law experts on Thursday applauded to a U.S. indictment against two ex-Chinese bank managers, which they consider a warning to over 4,000 corrupt Chinese officials that flee abroad.

"It's a progress in China's efforts to call back fleeing corrupt officials," said Liu Wenzong, law professor of Foreign Affairs College. "They might notice the United States is no longer an ideal refugee."

Last week, Xu Guojun and Xu Chaofan, two former managers at the Bank of China's Kaiping branch in the southern province of Guangdong, and their wives and one other relative were charged in Las Vegas with 15 counts of racketeering, money laundering and fraud.
For a long while, many western nations used all sorts of excuses for no cooperating with China on running down and returning these criminals. We acted as if we were Brazil in the bad old days. This sort of "It's OK to steal from other banks" ethos can't be leveraged anymore now that China has many treaties and agreements with all other first and second world nations. They are now concentrating on third world nations as I have detailed here.

This is part of the world wide push for diplomacy and legitamacy Hu and Wen have crafted. They intend to close all possible loopholes that are exploited by dishonest executives. Note that the very tardy, elephantine-slow trial of big Bush supporter, Ken Lay and his gang are only just going to trial and these creeps won't pay much of a price for destroying the economy of California for a year, tipping America into steep debt thanks to their screwing around with California's power grid and why aren't we arresting Exxon's executives for price gouging? Heh.

Anyway, the Chinese are very strict.
The three former managers of Kaiping fled to Canada and the United States via Hong Kong in late 2001 as they were suspected to be responsible for massive loss of the state-owned bank.

Yu was sentenced to 144 months in prison in a federal court in Las Vegas in February 2004 over money laundering, entering the United States with forged documents, and immigration fraud.

He was returned to China two months later on China's promise to exempt him from death. Before Yu, China's suspects of severe economic crimes had never been sent back from the United States through former law procedure.

According to Chinese laws, grave economic crimes could lead to a bullet in the back of the neck. To avoid death, thousands of corrupt officials have fled abroad, especially the United States, where they could also lauder the embezzled funds.
So, he won't be executed, he will get to serve a life sentence in a Chinese labor camp. Guess which is more merciful?

But then, we coddle rich criminals. We find it very hard to even slap them on the wrist. But then, look at our government! Seems having a criminal record on one's resume means moving higher up the hierarchy.

As for "grave economic crimes," looking at all the stats of our rapidly deteriorating economic system, a certain someone should be happy he toiled to destroy the USA and not China.
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