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Related: About this forumVenezuela detects embezzlement from Chinese fund
Venezuela detects embezzlement from Chinese fund
The Associated Press Published July 08, 2013
CARACAS, Venezuela Venezuela's president says that five officials with a development fund financed by China have been arrested in connection with the alleged embezzlement of $84 million.
In 2008, Venezuela and China created the fund to finance projects between the countries. It is run by the state Economic and Social Development Bank of Venezuela, or Bandes. Venezuela has received billions of dollars in loans from China.
President Nicolas Maduro said during a ceremony broadcast Monday on Venezuela state television that "we have captured and detained five people in raids we just carried out in Caracas in connection with the embezzlement of $84 million from the Chinese fund."
Maduro did not provide details about the alleged embezzlement.
The arrests come amid a government anti-corruption plan that Maduro announced last month.
http://www.theolympian.com/2013/07/08/2615104/venezuela-detects-embezzlement.html#storylink=cpy
(Short article, no more at link.)
Demeter
(85,373 posts)Oh, that we had enforcement like that in this benighted 3rd World nation of ours...
Socialistlemur
(770 posts)Chinese auditors have been trailing significant theft and corruption in the projects the Chinese fund finances. I expect eventually they'll find over $300 million usd missing.