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Finance official detained for corruption
A senior Finance Ministry official was detained last week in Beijing on alleged corruption charges. A report carried by the Beijing Times claims the detention directly related to a series of corruption scandals at the Agriculture Development Bank of China. According to the report, Xu Fangming, director of the ministry's Finance Department, was detained "several weeks" ago and his case was handed to prosecutors last week for approval of official arrest. "Xu has been detained," said a man from the ministry when being asked on the phone by the Beijing Times. An unidentified source said Xu's case was linked to that of Hu Chushou, a former vice president of the Agricultural Development Bank of China, who was arrested last year on graft charges. But the source refused to disclose any clue or tip that led to Xu's detention or the amount of money involved in Xu's case. The anti-corruption special group of Beijing, that initiated Xu's case, was keeping track on investigating relevant people to collect evidences, and would strictly follow the investigation. It is reported that the authorities detained Xu with criminal charge a few weeks ago. All relevant documents had been sent to the prosecutors. Xu was a prominent person in the finance ministry. He was also one of the seven members of the Central Huijin Investment Company, the biggest shareholder of two state banks -- the Bank of China and the China Construction Bank. Some unnamed insiders said Xu's detention, and imminent arrest, would have an impact on the image of
state banks among overseas investors, and would create obstacles for Bank of
China and China Construction Bank in luring strategic
investors.
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