China executes four accused of bank fraud
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Thread: China executes four accused of bank fraud

  1. #1
    Senior Member OverdueSpy's Avatar
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    China executes four accused of bank fraud

    I want to start a petition to have the Enron executives deported to Chna for executiion...er um....I mean prosecution of course. All in favor say AYE!


    http://www.msnbc.msn.com/id/5999223/
    Beijing cracks down on financial crime ahead of big IPOs

    Updated: 9:44 a.m. ET Sept. 14, 2004BEIJING - China executed four people, including employees of two of its Big Four state banks, for fraud totaling $15 million, the Xinhua state news agency said on Tuesday, amidst a high-profile campaign against financial crime.

    The executions come after a string of arrests in white-collar crime as China prepares to sell shares in its big banks.

    The latest cases involved China Construction Bank, due to raise up to $10 billion in an IPO next year, and Bank of China — which is moving towards an IPO worth up to $4 billion.

    Wang Liming, a former accounting officer at China Construction Bank in the central province of Henan, worked with others to steal 20 million yuan ($2.4 million) from the bank using fake papers, Xinhua said in a report on its Web site. An accomplice, Miao Ping, was also executed.

    Another Construction Bank employee, Wang Xiang, was executed for taking 20 million yuan from the bank in an unrelated case.

    Liang Shihan, an official at the Bank of China's branch in the southern city of Zhuhai, helped cheat his bank out of $10.3 million, Xinhua said.

    Xinhua did not say how the four were killed. China, which executes more criminals than the rest of the world combined, usually puts inmates to death with a gunshot to the back of the head, but has recently experimented with lethal injections.

    The debt-laden state banks have been involved in other fraud scandals as Beijing tries to clean them up ahead of 2007, when the sector opens fully to foreign rivals as part of pledges made to the World Trade Organization.

    China arrested Liu Jinbao, former chief of the Bank of China's Hong Kong branch, for corruption in February. Last December, Wang Xuebing, former head of Construction Bank, was sentenced to 12 years in prison for taking bribes.

    The government injected a combined $45 billion into Construction Bank and Bank of China last year as part of a pilot scheme to reform the sector and prepare for the IPOs.

    The precise number of people executed in China is a secret. Reports range from 5,000 to 10,000 a year, many for murder, but also for corruption and crimes as minor as bottom-pinching.

    Legal experts have called for a "kill fewer, kill carefully" policy for non-violent crimes.
    The mentally handicaped are persecuted in this great country, and I say rightfully so! These people are NUTS!!!!

  2. #2
    Senior Member RoadClosed's Avatar
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    Wow those are some huge public offering. With China being a socialist state modeled after Lenin, I mean Marx and THAT kind of money; those people must be living the high life of model communism. More and more people can afford bicycles everyday, so I am told.
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  3. #3
    the beign of authority kurt_der_koenig's Avatar
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    Xinhua did not say how the four were killed
    ouch. Just knowing from history lessons and my one friend from china I bet that wasn't pretty. This type of thing makes me sick! There is no reason to kill somebody for fraud or the like. Bar them from jobs of high positions<ie. make them ganitatior or something> and/or disgrace them in front of society but not death.

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    Road, most asin communist nations are more oligrtic/nationalist then anything...they called themselfs communit to get money/guns from the russians, China, vietnam, ect embrace capitalism as long as it increses the power of those in power....currently in china you have a comunist public policy with a hybrid capitalistic fiscal model...Now if we could just emulate their mothod of dealing with bank fraud I would be happy...where did we put the adelfia guys?
    Who is more trustworthy then all of the gurus or Buddha’s?

  5. #5
    Senior Member RoadClosed's Avatar
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    Also if Americans STOP dealing with those companies that are full of *******s we would be a little better off. Tyco is another one, the fire company.
    West of House
    You are standing in an open field west of a white house, with a boarded front door.
    There is a small mailbox here.

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