The first corrupt official repatriated to China after fleeing the mainland to escape justice appeared in court on Tuesday and confessed to all charges.
Yu Zhendong, former head of the Kaiping City Branch of the Bank of China (BOC) in Guangdong Province stood accused of embezzling public funds. He was handed over by US federal police at Beijing International Airport in April of last year.
During the day-long hearing the Intermediate People's Court of Jiangmen City was told that from 1992, Yu collaborated with Xu Chaofan, former chief of BOC's Kaiping Branch and Xu Guojun, a manager, in embezzling US$82.47 million from the bank.
They exploited loopholes to have the money remitted to their private overseas companies to cover corporate expenditure, share and exchange trading, personal expenses and gambling.
They also collaborated in applying for loans from the bank branch using the names of other enterprises and embezzled US$132 million, 273 million yuan (US$33.7 million) and HK$20 million (US$2.57 million) for their companies overseas.
They also obtained HK$67.3 million (US$8.66 million) in illicit returns from private overseas companies.
After being charged with embezzlement, Yu, Xu Chaofan and Xu Guojun fled to Canada and the US via Hong Kong in October 2001.
During his stay in Hong Kong, Yu traded shares for cash and transferred the remainder of the money he embezzled to the bank accounts of relatives and casinos in North America.
Court sources said sentencing would take place at an unspecified future date.
(Xinhua News Agency August 18, 2005)
