Official Suspected of Biggest Financial Fraud in China’s History Investigated
The high-living nephew of a former Chinese communist leader is said to be in the crosshairs of the Party’s anti-corruption investigators, according to a number of reports in the Hong Kong press recently.
Hong Kong press reports are not always reliable, but often enough include details about affairs inside the Party that cannot be reported in the mainland for political reasons. Hong Kong publications are also used as ways for political factions in China to send messages to one another and the public.
Wu Zhiming is a high-level official in the southern city of Shanghai, long a power base of the faction of Jiang Zemin, who ruled the Communist Party from 1989 until 2002, and who then cast a shadow over Chinese politics for the next decade.
The reports say that Wu and Jiang’s eldest son, Jiang Mianheng, were together involved in a notorious financial scandal in 2007. The level of fraud involved reached a mind-boggling one trillion yuan (US $160 billion), the reports claimed.
Hong Kong’s Cheng Ming magazine reported on the matter in its latest monthly issue: Wu Zhiming, currently the chairman of the Shanghai Political Consultative Conference, is being investigated and unable to leave the country, the reports said.
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