Chinese Officials Looted $120bn Public Funds In 13 Years - Report - Foreign Affairs - Nairaland
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| Chinese Officials Looted $120bn Public Funds In 13 Years - Report by ektbear: 9:06pm On Jun 17, 2011 |
China‘s Central Bank has issued a report saying thousands of corrupt Chinese officials stole more than $123 billion (N192,864,003,602,519.69) and fled overseas between 1995 and 2008. The report also said the United States was a top destination for the looted funds, the Associated Press reports. The report, released this week by the People‘s Bank of China, says between 16,000 to 18,000 government officials and executives at state-owned enterprises smuggled about 800 billion yuan ($123 billion) out of China within the period. The study says the officials smuggled money into the US, Australia, Canada and Holland, using offshore bank accounts or investments such as real estate or collectibles. Officials masked the thefts as business transactions by setting up private companies to receive the money transfers, according to the report. China has launched numerous efforts in recent years to curb graft, which is often a focal point of protests by ordinary Chinese and is seen as a major threat to political stability. But corruption among Communist Party officials is still common. The report warned that the corruption was serious enough to threaten China‘s economic and political stability. It said that aside from punishing guilty officials, China should improve monitoring of asset transfers and revise methods of payment overseas. Chinese prosecutors have made some high-profile takedowns in hopes of deterring graft among the rank and file. In China‘s largest recent corruption scandal, the powerful party boss of Shanghai, Chen Liangyu, was sentenced in 2008 to 18 years in prison. http://www.punchng.com/Articl.aspx?theartic=Art2011061721212046 |
| Re: Chinese Officials Looted $120bn Public Funds In 13 Years - Report by Nobody: 9:25pm On Jun 17, 2011 |
$123bn in 13years = $9.46bn per year on average That is $9.46 bn each year by 18,000 Government officials that equates to $526,000 per official per year The officials all flee the country as China has death penalty for embezzlement Now compare to Nigeria where an individual like OBJ stole more than $123bn in just 8years yet he is still walking freely around and even has audacity to make regular speeches chatting nonsense  |
| Re: Chinese Officials Looted $120bn Public Funds In 13 Years - Report by Nobody: 9:45pm On Jun 17, 2011 |
GenBuhari: ooo mehn you are such an illiterate, do you have any news, docs etc. even fake ones that says obj stole $123b in 8yrs? Even though I hate obj, this kind of false accusation is just plain primitive |
| Re: Chinese Officials Looted $120bn Public Funds In 13 Years - Report by Mariory(m): 11:08pm On Jun 17, 2011 |
GenBuhari:  |
| Re: Chinese Officials Looted $120bn Public Funds In 13 Years - Report by Nobody: 11:58pm On Jun 17, 2011 |
What type evidence you want sef? A signed confession? a photo of OBJ's hand in the treasury safe? OBJ oversaw a period of sustained record high oil prices over 8years yet there was nothing tangible to show for all that revenue. To say he embezzled $123bn is even a very conservative estimate sef Did you not realise that he devalued the Naira by 500% at a time of boom oil prices, there can be no economic justification for this other than for him to steal money from the pockets of every Nigerian. compare his wealth in 1999 with his wealth today. He even volunteered to tell us he has put aside $16bn for electricity , which he never provided. It has been well accepted by those who have looked into his embezzlement that OBJ is th biggest looter in the history of Africa. The man is a corrupt stinking piece of poo!! |
| Re: Chinese Officials Looted $120bn Public Funds In 13 Years - Report by Johnpaul2k2(m): 5:25am On Jun 18, 2011 |
And china are complaining? I laugh in Tiv, how much did Bankole steal? What of Usman,former minister of power under obj regime? What of cecilian ibru? Or ibori? How many wil i have to count? China should go n sit down jor! One person has covered that money in nigeria. My angry is that they are taking these money outside the country instead investing them here. If those advance thelf build industries or companies,i dont think anyone wil complain! |
| Re: Chinese Officials Looted $120bn Public Funds In 13 Years - Report by jamest3(m): 6:08am On Jun 18, 2011 |
Now this makes a lot of sense because I've been wondering how is it that most Chinese children here drive all sorts of fancy cars around. Simply put their parents must have helped themselves to some of the $120bn and should be repatriated back to China for immediate execution!! Fowl yansh don show  |
| Re: Chinese Officials Looted $120bn Public Funds In 13 Years - Report by Nobody: 7:31am On Jun 18, 2011 |
till eternity the only solution to nigeria corruption is DEATH PENALTY! lets say if some one like ibru had recieve her own death penalty ! i doubt the recent money looting in the legislator but bankole and co know that nothing will be done to him infact if there will be any stinge! he will still bounce back and recover the money for his bail and even more! so now tell me why shouldnt the new elected ones also loot and call it the game of politics! see there is really a different between the real white men(europeans) to other race(africans,asia etc) of the world naturally. they arent as greedy as others,as evil minded as others,as selfish as others etc (please i dont mean all european are good why all others are corrupt) the majority in their side.why i m saying this is to tell us the reason we should ignore demcra or any nonsense! on corruption (as the white do) and pay evil for evil! it is our only solution just like asia is doing and it s moving their country!!! afterall as they are looting the money! its affecting some ordinary man on the street or even killing them! |
| Re: Chinese Officials Looted $120bn Public Funds In 13 Years - Report by dustydee: 10:05am On Jun 18, 2011 |
wow! the difference between them and us is that our thieves are still with us oppressing us. |
| Re: Chinese Officials Looted $120bn Public Funds In 13 Years - Report by infofta(m): 11:29am On Jun 18, 2011 |
Each took an average of less than $600, 000 and they all fled. While an under-developed country like Nigeria, from local government chairmen to presidency all stole far more than that and still walk and talk freely. |
| Re: Chinese Officials Looted $120bn Public Funds In 13 Years - Report by Nobody: 11:42am On Jun 18, 2011 |
dustydee:  |
| Re: Chinese Officials Looted $120bn Public Funds In 13 Years - Report by Gbenge77(m): 3:22pm On Jun 18, 2011 |
GenBuhari:Were he to be in a serious country,the likes of Obj would be launguishing in jail right now. |
| Re: Chinese Officials Looted $120bn Public Funds In 13 Years - Report by MMM2(m): 4:17pm On Jun 18, 2011 |
dey should come 2 9ja and relax, obj still dey 9ja dey chop money. |
| Re: Chinese Officials Looted $120bn Public Funds In 13 Years - Report by Nobody: 4:50pm On Jun 18, 2011 |
Yes there is corruption in China but get caught and you get a bullet between the eyes. Nothing will save you! |
| Re: Chinese Officials Looted $120bn Public Funds In 13 Years - Report by vislabraye(m): 4:55pm On Jun 18, 2011 |
In Naija, the case would be different |
| Re: Chinese Officials Looted $120bn Public Funds In 13 Years - Report by MeGaStReEt: 8:12pm On Jun 18, 2011 |
dem still dey learn |
| Re: Chinese Officials Looted $120bn Public Funds In 13 Years - Report by Hardeyorlah(f): 9:04pm On Jun 18, 2011 |
so funny |
| Re: Chinese Officials Looted $120bn Public Funds In 13 Years - Report by mystikal(m): 9:27pm On Jun 18, 2011 |
lil wonder I am yet to come across a struggling chinese in my turf |
| Re: Chinese Officials Looted $120bn Public Funds In 13 Years - Report by MeandSum: 12:18am On Jun 19, 2011 |
GenBuhari: Sorry, you are making no sense. You write like an educated person but your reasoning is way way off! Can you provide proof or just apologize for insulting our intelligence? 500% my yansh! |
| Re: Chinese Officials Looted $120bn Public Funds In 13 Years - Report by blank(f): 8:44am On Jun 19, 2011 |
I had several Chinese classmates while I was studying for a Masters in UK who were very wealthy. There was a particular one that told us her dad was arrested on trumped up charges of corruption as per political persecution. My Church were praying 4 her and always encouraging her. A friend of hers told me that the man was actually corrupt and that he sent his whole family to the UK just as he was to be arrested so that they can claim asylum. And that was what happened. I stopped feeling sorry for her. |
| Re: Chinese Officials Looted $120bn Public Funds In 13 Years - Report by alexola20(m): 12:24pm On Jun 19, 2011 |
| Re: Chinese Officials Looted $120bn Public Funds In 13 Years - Report by pleep(m): 11:39pm On Jun 19, 2011 |
GenBuhari:Exactly, yet people in Nigeria still respect that monkeyman probably call him 'oga'. He should be arested and his silly farm should be sold. But i gotta say there is no way on earth that he embezzeled up to $150billion even mubuto sesi seiko only looted about 5 billion. |
| Re: Chinese Officials Looted $120bn Public Funds In 13 Years - Report by MeandSum: 12:18am On Jun 20, 2011 |
pleep: I'm telling you, there's no way OBJ could have even stolen 5 billion not to talk of $123 billion the stupid professor above was talking about. Come to think of it for a minute, average yearly budget during his term was 17 Billion a year. That gives us a total of $136 billion. For F*Ck sake, how can he steal 91% of the budget and still manage to send all the states their money, pay the federal workers and pay off $18 Billion in debt to Paris club, pay interest on our national debt and so on, ? Get your facts straight first and then you can bend it the way you like as long as they still remain a fact. I hope GenBuhari would apologize to us for the intellectual abuse |
| Re: Chinese Officials Looted $120bn Public Funds In 13 Years - Report by alexola20(m): 10:24am On Jun 20, 2011 |
| Re: Chinese Officials Looted $120bn Public Funds In 13 Years - Report by Nobody: 12:44pm On Jun 21, 2011 |
My estimate of how much OBJ stole was based on the fact that we had sustained record high oil prices and our revenue enormous yet over that 8 year period, he devalue the Naira 500% hence siphoned off billions of dollars. The budget was only $17bn because OBJ was devaluing the Niara and keeping most of the oil revenue for himself, for the income we were getting during those times, our budget should have been at least $100bn or more. Please see the development in other similar oil producing countries in the world during this sustained period of oil boom and compare to Nigeria, which could show nothing for it. Even the $16bn OBJ volunteered to inform us that he had put aside for electricity has not been accounted for (this is what he choose to tell us on his own free will), so you could imagine the scaled of his looting. Please google the "the biggest looter in African history" and see who turns up. $150bn is a conservative estimate sef!! 500% devaluation was spot on: do the maths yourself - 1999 $1= N22 2003 $1= N127 This equates to 500% devaluation!! http://en.wikipedia.org/wiki/Nigerian_naira |
| Re: Chinese Officials Looted $120bn Public Funds In 13 Years - Report by MeandSum: 1:43pm On Jun 21, 2011 |
GenBuhari: I've got couple of questions for you. 1) do you have any idea what the Japanese yan exchanges for against the $? 2) Which Oil producing country do you want us to compare to Nigeria? |
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