Home > Uncategorized > Kleptocrats Are Fleeing China With Loot In Tow – Business Insider

Kleptocrats Are Fleeing China With Loot In Tow – Business Insider

September 5, 2012 Leave a comment Go to comments

Kleptocrats Are Fleeing China With Loot In Tow – Business Insider.

Some quotes:

More than a million public servants have sent large sums abroad.

A million public servants? That’s a lot of crooks.

That officials create huge amounts abroad and then flee with their families is so common that the Chinese language has its own term: “Luo guan” literally “bare squad”.

 It is the practice that corrupt officials get their families out of the country first, hence the term “bare.” I think this means that the Chinese are broadly aware that their political leaders are leaving the country with stolen money. It must be hard to govern when even  slang language reflects what is happening.

In 2011, the Central Bank reported that corrupt officials had transferred more than 120 billion U.S. dollars abroad.

 $120Bn? Where is this money going?

Popular flight destinations for fleeing officials are the USA, Australia and Canada.

 The USA, Australia and Canada? The numbers reported above are huge! let’s say 70% of the crooks went to America. This creates an estimate of 700,000 crooks (and their families) that have fled China with $80Bn in stolen money, and are now in the USA. How can so many people with so much money hide in the US without somebody making a a stink?

Think of it differently. If the Treasurer for the city of Las Vegas (Pop. 580,000) stole $30Mn of tax payer money and fled to Canada or Australia, the US FBI would have the Aussies and Canucks hunt them down and have them extradited back home. Why aren’t the Chinese doing the same thing?

The authorities enacted a ban immediately to report on the case, and blocked Wang’s name in search engines. However, in blogs, the news spread faster than censors could delete it.

Kleptocracy is a very open secret in China. The Chinese leaders must hate the internet, and the fact that secrets can’t be kept secret any longer. There has been another story circulating in the Chinese internet the past few days that may be connected to the kleptocracy story.

 

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