China accuses former official of multi-billion dollar embezzlement of public funds
Chinese authorities have accused ex-official Li Zayong of embezzling more than 150 billion yuan ($21 billion) on various "Vanity Projects." We are talking about 23 construction projects, 16 of which are listed as ineffective or idle, Azernews reports.
According to the Report, Bloomberg writes about this concerning a documentary by the local state television company China Central Television.
Li Zaiyong, as head of the city of Lupanshui in Guizhou Province, implemented infrastructure projects at the expense of state funds from 2013 to 2017.
The list of ineffective projects included a ski resort - complete with a cable car, declared the longest in Asia - for the construction of which the city took more than 3 bln yuan. Two other ski resorts have already been established in Lupanshui, where snow falls less than two months a year.
Chinese authorities have repeatedly promised to reduce local government debt as provinces struggle to pay off debts accumulated through "reckless spending" on infrastructure projects.
It should be noted that in China, as part of the fight against corruption, a series of arrests took place, in particular, on January 8, the former assistant to the CEO of the Chinese National Oil and Gas Corporation CNPC Xu Wenzhong was arrested on suspicion of bribery. Before that, the former head of China Everbright was expelled from the Chinese Communist Party for corruption.
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