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  1. #1
    Join Date
    Jan 2002
    Location
    New Hampshire
    Posts
    1,285
    The Chinese don't screw around.

    From CNN



    China executes bank staff for fraud

    Part of Beijing's intense crackdown on white-collar crime ahead of IPOs, state-owned agency says.
    September 14, 2004: 12:58 PM EDT



    BEIJING (Reuters) - China executed four people, including employees of two of its Big Four state-owned banks, for fraud totaling $15 million, the state Xinhua news agency said Tuesday.

    The executions occurred in the midst a high-profile government campaign against financial crime. They followed a string of arrests in white-collar crime as China prepares to sell shares publicly in its big banks.

    The latest cases involved China Construction Bank, due to raise up to $10 billion in an IPO next year; and Bank of China, which is moving towards an IPO worth up to $4 billion.


    One of those executed was Wang Liming, a former accounting officer at China Construction Bank in the central province of Henan, who worked with others to steal 20 million yuan ($2.4 million) from the bank using fraudulent papers, Xinhua said in a report on its Web site: (www.xinhuanet.com). An accomplice, Miao Ping, was also executed.

    Another Construction Bank employee, Wang Xiang, was executed for taking 20 million yuan from the bank in an unrelated case.

    Liang Shihan, an official at the Bank of China's branch in the southern city of Zhuhai, was executed for helping cheat his bank out of $10.3 million, Xinhua said.

    Xinhua did not say how the four were killed. China, which executes more criminals than the rest of the world combined, usually puts inmates to death with a gunshot to the back of the head but has recently experimented with lethal injections.

    The debt-laden state-owned banks have been involved in other fraud scandals as Beijing tries to clean them up ahead of 2007, when the sector begins to privatize and opens fully to foreign rivals as part of pledges made to the World Trade Organization.





    In February, China arrested Liu Jinbao, former chief of the Bank of China's Hong Kong branch, for corruption. Last December, Wang Xuebing, former head of the Construction Bank, was sentenced to 12 years in prison for taking bribes.

    The government injected a combined $45 billion into the Construction Bank and Bank of China last year as part of a pilot scheme to reform the sector and prepare for the IPOs.

    The precise number of people executed for all crimes in China is a state secret. Reports range from 5,000 to 10,000 a year, many for murder, but they have also been killed for corruption and crimes as minor as bottom-pinching.

    Legal experts have proposed what they call a "kill fewer, kill carefully" policy for nonviolent crimes.


  2. #2
    Join Date
    Aug 2001
    Posts
    1,936
    well no wonder they have no overcrowding in the jails.

  3. #3
    Join Date
    May 2003
    Location
    Dallas/Ft Worth, TX
    Posts
    439
    That's the one area where I agree with the Red Chinese. One bullet to back of the head. Not years and years on death row appealing and wasting taxpayers money. Only to put the families of victims thru hell and then be put to sleep. Make them dig their own grave and then put a bullet in their brain and be done with it.

  4. #4
    Join Date
    Dec 2003
    Posts
    1,739
    some good in everything?
    there but for the grace of god, go all of us

  5. #5
    Join Date
    Aug 2003
    Posts
    422

    This could be the reason why......

    ...... terrorist haven't messed with China.
    I think even THEY are smart enough to know better than than that.
    China wouldn't hesitate to turn sand into glass, or to march a few billion into occupying status. Their idea of liberating a country...... shoot 'em all in the back of the head-- there, now your liberated.

  6. #6
    Join Date
    Feb 2004
    Location
    SC
    Posts
    20,677
    ...shoot 'em all in the back of the head-- there, now your liberated. [Posted by tab-tech]

    ================================================== ==========

    Now that rings of truth!
    No reserve. No retreat. No regrets.

    For those who have fought for it, freedom has a sweetness the protected will never know.

    http://www.airwarvietnam.com/16thSOSGunners2.jpg

    Proud member of KA Club

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