CHINAEUROPE AFRICAASIA 中文双语Français
Home / National affairs

Bank boss who fled with billions returned to China by US

By ZHANG YAN | chinadaily.com.cn | Updated: 2018-07-11 14:08

Xu Chaofan, former head of the Kaiping subbranch of Bank of China in Guangdong province, has been returned to China from the United States to face trial on charges of embezzlement and corruption, the Communist Party of China’s Central Commission for Discipline Inspection announced on Wednesday.

It said 2 billion yuan ($302.8 million) of Xu’s ill-gotten gains had been retrieved.

“The successful repatriation is considered an important achievement of Sino-US anti-corruption law enforcement cooperation,” the CCDI said in a statement.

“He is the first corrupt fugitive repatriated from abroad since the National Supervisory Commission was set up (in March).”

Xu was accused of corruption and the embezzlement of $485 million in bank funds. He fled to the US in 2001 and Interpol issued a red notice for his arrest.

Xu was detained by US judicial authorities in 2003 and sentenced to 25 years in jail by a court in Las Vegas in 2009 for fraud and money laundering.

BACK TO THE TOP
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US