Chinese military officers are running scared and transferring funds offshore from secret bank accounts—with much of the money headed for Taiwan, according to an article published in Taiwan’s Excellence Magazine.
Allies of former Party leader Jiang Zemin began to panic after the downfall of key member, Bo Xilai, the former Chongqing Party chief, said the article titled “China Assets Flee Overseas.”
A Chinese client reportedly asked a Taiwanese businessman to transfer investments worth US$93.3 million from China to Taiwan recently. The businessman learned that he would be asked to complete several more large money transfers before Xi Jinping’s succession as the Chinese regime’s paramount leader later this year.
Liao Ran, a senior program coordinator of Transparency International, told Radio Free Asia that corruption is rampant in the Chinese army.
In the last decade, chairman of the Central Military Commission, Jiang Zemin allowed rampant corruption and earned the support and loyalty of many Party officials by turning a blind eye to their corruption, a source in China told The Epoch Times.
In 2002, The Bank for International Settlements found an unclaimed outflow of money originating from China worth over $2 billion. The money had been transferred out by Jiang just before the 16th Party Congress that year, and was intended for his future use, said former CEO of the Bank of China (Hong Kong), Liu Jinbao.
Now, the Central Military Commission is clamping down. On June 21 it announced revised regulations that require senior military officers to report their income, assets, and investments.
The announcement is a sign that the central leadership intends to purge those who are disloyal, says Mo Fengjie, president of the West Coast Chapter of the Chinese Political Refugee Association.
“Having control over the military brings political power,” Mo said in an interview with New Tang Dynasty Television. “Above all else, they fear that their highest ranking military officers are not being loyal to them.
“However, they have no other means of purging the military of disloyal officers. Therefore, they have decided to do a thorough check of their assets and purge the corrupt ones. But actually every single officer in China’s military is corrupt.”
Lt. Gen. Gu Junshan the deputy chief of the PLA’s General Logistics Department was fired in January for being implicated in “economic problems,” a Chinese euphemism for corruption, reported the Hong Kong-based South China Morning Post.
Gu reportedly received large illegal commissions in exchange for contracting military projects to private sectors, without approval, said a news report by Hong Kong’s Apple Daily.
Read the original Chinese article.
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