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Strategies & Market Trends : China Warehouse- More Than Crockery -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (1866)	12/10/2003 12:47:42 PM
From: RealMuLan	Read Replies (1) \| Respond to of 6370

Jail for top China banker Wed 10 December, 2003 08:58 BEIJING (Reuters) - China has sentenced a disgraced top banker and one-time protege of former premier Zhu Rongji to 12 years in prison for taking bribes, wrapping up one of the graft-riddled country's top corruption cases. The ruling on Wednesday by the Beijing People's Intermediate Court came more than a year after Wang Xuebing, former head of China Construction Bank, was stripped of his membership in the ruling Communist Party and lambasted in state media as "debauched" and "corrupted". A court official confirmed the verdict, first reported by the official Xinhua news agency. He has 10 days to appeal. Wang was one of a string of top financial officials brought down as Beijing stepped up a campaign against corruption. His jailing also comes as Chinese regulators struggle to clean up a banking sector plagued by shoddy management, backward technology and politically motivated lending. The urbane and flamboyant Wang was sacked in January 2002 over problem loans made during his tenure as head of Bank of China years earlier. By the time of his party expulsion that November, state media said Wang had embezzled money and taken bribes worth several million yuan. A one-time rising star in China's financial world, Wang drew sharp criticism for his outspoken manner, which went against the grain of Chinese political norms. reuters.co.uk