23 August 2019

China seizes US$14.5 bln assets linked to Zhou, Reuters says

Chinese authorities have seized assets worth at least 90 billion yuan (US$14.5 billion) from family members and associates of retired domestic security tsar Zhou Yongkang, who is at the centre of China’s biggest corruption scandal in more than six decades, Reuters reported Sunday, citing two sources. More than 300 of Zhou’s relatives, political allies, proteges and staff have been taken into custody or questioned in the past four months, the report said. Reuters quoted two sources as saying prosecutors and the party’s anti-corruption watchdog had frozen bank accounts with deposits totaling 37 billion yuan and seized domestic and overseas bonds and stocks with a combined value of 51 billion yuan after raiding homes in Beijing, Shanghai and five provinces. Investigators had also confiscated about 300 apartments and villas worth about 1.7 billion yuan, antiques and contemporary paintings with a market value of 1 billion yuan and more than 60 vehicles, the report said. Other items seized included expensive liquor, gold, silver and cash in local and foreign currencies. Zhou, 71, has been under virtual house arrest since authorities began formally investigating him late last year. He is the most senior Chinese politician to be ensnared in a corruption investigation since the Communist Party swept to power in 1949, the report said.

– Contact HKEJ at [email protected]


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