Over 100 Chinese Managers For FAW Held For Embezzlement Of Over $1.5 Billion

More than 100 senior managers of China’s FAW have been questioned and some have been detained over and unfolding scandal that involves more than 10 billion yuan ($1.61 billion) in assets that went missing.

According to a report in the South China Morning Post, Communist Party investigators are looking into missing company assets that had been embezzled over an undisclosed period.

Some department of the State-owned, Changchun-based carmaker have seen all of their top directors probed, Global Times reports.

“The staff is really in a panic now,” an FAW senior manager told the paper. “Heaven knows who’s next.”

Zhou Yongjiang, a deputy chief economist at FAW, and other managers have been placed under shuanggui (loosely translated as “double punishment”),  in which party members can be detained and punished both in criminal and party proceedings. Zhou was allegedly involved in irregular real estate deals.

 

atc98092 - 4/12/2013 1:08:05 PM

+1 Boost

That is a chunk of coin.

ParadoX - 4/13/2013 12:21:46 AM

+1 Boost

China may overtake the United States in terms of GDP, but they will never be the words super power if they can't get act together. Corruption like this at a state owned company is an embarrassment.