Corruption News

Chinese Banker Who Fled to Canada Embezzled Millions Via Bond Trading

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Chinese authorities are on the hunt for fugitive former banker Bai Jing, who is accused of embezzling more than 200 million yuan ($31 million).

Bai’s case was highlighted on Thursday as part of the top procuratorate’s continued efforts to help authorities recover assets involved in embezzlement and bribery crimes, and nail down white-collar fugitives.

The Supreme People’s Procuratorate fleshed out details of how Bai had colluded with a brokerage staffer surnamed Fan to embezzle the funds of state-owned financial institutions, their employers at the time. The pair had transferred these funds to two companies Bai controlled by trading 73 bonds on the interbank market from 2008 to 2010.

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