17 Jun '11, 5am

Corrupt Chinese officials have siphoned more than $153 billion out of China in less than two decades.

BEIJING - CORRUPT Chinese officials siphoned more than S$153 billion out of the country in less than two decades, the central bank has said in a study highlighting the widespread scourge of government graft. Between 16,000 and 18,000 government officials and executives of state-owned firms have fled China or simply vanished with up to 800 billion yuan (S$153.7 billion) in illegal gains, according to the study released earlier this week. Higher-ranking officials carrying larger sums of money mostly fled to developed nations such as the United States, Canada and Australia, while others tended to choose regional nations including Russia and Thailand, it said. A number of defectors used Hong Kong as a springboard to Commonwealth states while others hid out in small nations in Africa, Latin America and eastern Europe before they could get the documents needed to go to the West,...

Full article: http://www.straitstimes.com/BreakingNews/Asia/Story/STISt...

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