Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

Former top China military officer hoarded cash, jade in basement - Phoenix

Published 20/11/2014, 11:00
© Reuters. Then member of Central Military Commission Xu attends a meeting in Changchun

BEIJING (Reuters) - One of China's most senior former military officers hoarded more than a tonne of cash and precious jade in his basement, a Hong Kong magazine reported on Thursday, the latest details to emerge from the high-profile case amid Beijing's war on graft.

Military prosecutors have said that Xu Caihou, a former vice chairman of the powerful Central Military Commission, had confessed to taking "massive" bribes in exchange for help in promotions.

Officials say Xu, who retired as vice chairman last year and from the ruling Communist Party's decision-making Politburo in 2012, will likely face a court martial now that an investigation has been finished.

In March, prosecutors searched Xu's luxury home in Beijing and discovered stashed in the basement "more than a tonne" of U.S. dollars, euros and Chinese yuan, reported Phoenix Weekly, a magazine run by Hong Kong broadcaster Phoenix Television.

Xu had also stored countless precious gems and hundreds of kilograms of expensive jade, as well as rare antiques, the magazine said, citing a person with knowledge of the matter who is close to high levels of the military.

"Case handlers had no option but to call more than 10 military trucks before all the confiscated property piled up like mountains from this former Central Military Commission vice chairman's house could be taken away," the magazine said.

The report, which was carried by several mainland China news outlets, added that Xu was forced to "bow his head and admit defeat" when confronted with a list of the items.

President Xi Jinping heads the Central Military Commission, which controls the 2.3 million-strong armed forces, the world's largest, and has repeatedly reminded them to be loyal to the party. He has made weeding out corruption in the military a top goal as he steps up efforts to modernise forces that are increasingly projecting power.

Xu, whose graft probe was announced in June, has been stripped of his title and expelled from the military and the party.

China cracked down on corruption in the military in the late 1990s, banning it from engaging in business. But the military has been involved in commercial dealings in recent years due to a lack of checks and balances, analysts have said.

Anti-graft advocates have said corruption in the military is so pervasive that it could undermine China's ability to wage war.

© Reuters. Then member of Central Military Commission Xu attends a meeting in Changchun

(Story refiles to fix headline)

(Reporting by Michael Martina; Editing by Nick Macfie)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.