17 Jun '11, 11am

AFP: #China says corrupt officials flee with $120 bn #Corruption

China says corrupt officials flee with $120 bn On Friday 17 June 2011, 16:49 SGT Corrupt Chinese officials siphoned more than $120 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 ($123.7 billion) in illegal gains, according to the study. 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 nations closer to home such as 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 cou...

Full article: http://sg.finance.yahoo.com/news/China-says-corrupt-offic...

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