China bankers deny US scam charge

[lovuian]

http://news.bbc.co.uk/2/hi/business/4703026.stm

Two former Bank of China managers and their wives have pleaded not guilty to charges in the US of stealing $485m (£272m) and attempted money laundering.
Xu Chaofan, Xu Guojun and their wives were charged in Las Vegas with 15 counts, including racketeering and fraud, the US Justice Department said.

The two men tried to launder the Bank of China's money through Hong Kong, Canada and the US, the department said
more...
They learned from the best must have been Abrahmhoff wannabees!!!

[Tight_rope]

1. Sound like Bush and Cheney's kind of people.

[AlecBGreen]

2. Im living in China

they shoot people for white collar crimes like this, and for WAY LESS than $485 million. I seem to remember a front page news article about some provincial bigwhigs who were give the death penalty for stealing about $1 million... Wonder what they'll do to these guys?

:shrug:

[kurth]

3. News item from 1989:

Managers Executed for Shoddy Quality In China

(Beijing) - Eighteen factory managers were executed for poor product quality at Chien Bien Refrigerator Factory on the outskirts of the Chinese capital. The managers - 12 men and 6 women - were taken to a rice paddy outside the factory and unceremoniously shot to death as 500 plant workers looked on.

Minister of Economic Reform spokesman, Xi Ten Haun, asid the action was required for committing unpardonable crimes against the people of China. He blamed the managers for ignoring quality and forcing shoddy work saying the factory's output or refrigerators had a reputation for failure. For years, factory workers complained that many component parts did not meet specification and the end product did not function as required. Complaining workers quoted the plant manager as saying, "Ship it." Refrigerators are among the most sought-after consumer items in China. Customers, who waited up to five years for their appliances, were outraged.

"It is understandable our citizens would express shock and outrage when managers are careless in their attitudes toward the welfare of others," Haun says. "Our soldiers are justified in wishing to bring proper justice to those errant managers."

The executed included the plant manager, the quality control manager, the engineering managers, and their top staff.

[Deja Q]

4. And I thought China was a good country to have relations with.

(Well, I'm speaking in third person term, pretending to be a CEO. The difference is, the CEO probably won't get scared straight...)

[wickerwoman]

6. That makes about as much sense as

the EU refusing to do business in the US because of the mafia...

[AngryAmish]

5. China's banks are a joke

They are used as private piggy banks for big politicos in China. I bet that these guys are hoping for a long sentence here because they will get whacked when they get back to China.