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

To: RealMuLan who wrote (3506)	9/23/2004 8:22:03 PM
From: RealMuLan	Respond to of 6370

"Jiang Zemin's sudden departure from office at the week end is spawning all sorts of rumours. A well-known Chinese writer, with connections to the party leadership, meets me for a drink and says the real reason for Mr Jiang's resignation was a huge corruption scandal. Apparently it involved so much money - siphoned off to Hong Kong bank accounts by people linked to Mr Jiang in his political base of Shanghai - that the price for hushing it up was his resignation from his last and most powerful post as Chairman of the Party's Central Military Commission. He wasn't even allowed the expected consolation of having his top henchman promoted as deputy chairman to look after his interests. The story is impossible to confirm. But the mysteriously late appearance of the People's Daily and other state-owned newspapers on the day after the announcement is fanning the speculation. " news.bbc.co.uk I think this may be true. I have heard this before I left Beijing in June. And the Political Bureau was discussing what to do with Jiang at that time. Looks like the best solution is his resigning<g>. The money is Actually under Jiang's own name, and the amount was, by one source, around US$300-400 million. Other sources said different amount, some more and some less. But it does not matter how much, the only thing matters is that Jiang did embezzled money. After his leaving, hopefully, the anti-corruption movement will get the momentum.