Bankrupt firm’s boss charged with graft
Print Edition
EXPENSIVE paintings and calligraphy, two apartments in Beijing, three mistresses, a rhino horn and a huge cache of Chinese and foreign currency are said to have exposed the extravagant lifestyle of a former state-owned firm’s boss in the northern province of Hebei.
Li Lingcheng, 45, was the former board chairman of Hebei Financial Investment Group, the province’s largest guarantee company that went bankrupt last year.
According to the provincial State-Owned Assets Supervision and Administration Commission, which led the investigation, Li allegedly accepted bribes worth 200 million yuan (US$29.6 million) between 2009 and 2014. In some cases, Li openly asked for bribes.
Among his ill-gotten gains was 173 million yuan, US$800,000, 563,000 euros (US$613,000) and scrolls of Chinese paintings and calligraphy valued at 55.88 million yuan, it is alleged.
Aside from being removed from his post, Li has been expelled from the Party. The case is now in the hands of the judiciary authorities.
Li will stand trial on charges of graft, dereliction of duty and “great loss” of state assets.
China launched its anti-graft drive in late 2012 to address wanton official misconduct. Several high-ranking officials are now in prison.
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