Corrupt banker stashed $29 million cash in Beijing apartment

Jeremy Goldkorn

Bloomberg via Yahoo reports:

The former chairman of one of Chinaโ€™s bad banks has confessed to taking millions of yuan in bribes which he kept in metal cabinets in a Beijing apartment he nicknamed โ€œthe supermarket.โ€

Lร i XiวŽomรญn ่ต–ๅฐๆฐ‘, former head of China Huarong Asset Management Co., has been charged with taking bribes, corruption and bigamy in one of Chinaโ€™s biggest financial corruption cases.

On Monday, he confessed in a state TV documentaryย [in Chinese] that he preferred cash payments and said he would drive trunk loads of bills to the apartment, where more than 200 million yuan ($29 million) was uncovered.

โ€”Jeremy Goldkorn

Jeremy Goldkorn worked in China for 20 years as an editor and entrepreneur. He is editor-in-chief of The China Project, and co-founder of the Sinica Podcast. Read more

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