Bo Xilai’s father-in-law, close friend, involved in complicated banker’s case in China

Yang Kun

Hong Kong’s Singtao Daily says in its comprehensive report that Yang Kun, the vice president of the Agricultural Bank of China (ABC) under investigation by the Central Disciplinary Commission, is said to have huge unaccountable assets, and to have been involved in many cases.

Besides the huge loan of 3 billion yuan (US$555 million) to Beijing commercial property project Solana, Yang is suspected to be close to two other possibly inter-related cases. Bo Xilai’s father-in-law Lieutenant General Gu Junshan, former deputy director of the PLA Logistic Department, is under investigation. So is Dalian Shide’s boss Xu Ming, who was close friends with former Chongqing Party boss Bo Xilai.

According to caixin.com, Yang’s case was found to be quite complicated through 10 days’ investigation, and there is rumour of his involvement in Xu Ming’s and Gu Junshan’s cases, but no details are given in the report.

Defence Military’s website says Gu has “departed” from his post, and some sources say that Gu, who was in charge of capital construction, was removed from his post on the eve of the Chinese lunar new year for economic irregularities.

Xu Ming, chairman of the board of directors of Dalian Shide Group, is said to have been taken away for investigation of his involvement in Bo Xilai’s case. Xu is closely linked to Bo, and his Shide Group rose when Bo was in charge of Dalian and Liaoning. Some people even regard Xu as the source of Bo’s money.

Sources say that Wang Yaohui’s Beijing commercial property project, Solana, has been losing money since it went into operation in 2008, and needs lots of funds. It has a large area of land exceeding 11 hectares. Yang is perhaps involved in ABC’s provision of a 10-year property operation loan amounting to about 3 billion yuan.

Last April, rumours about the whereabouts of the loan raised great concern in the ABC, and the relevant responsible person told Yang to recover the loan, but Yang delayed the recovery.

People in the banking industry say that the problem is not only the loan, but also the incidental private transactions. It is said that a certain relative of Yang’s was taken away for investigation not long ago for business transactions with Solana.

The above-mentioned sources say that since last February, Wang has been taken for investigation by relevant departments several times, and found he has an enthusiasm for excessive gambling. He once lost at least 3 billion yuan at a Macau casino. That perhaps triggered the investigation about Yang.

Yang, 54, has worked in the ABC for almost 30 years, and was appointed as a vice president in 2004 to be in charge of long term property lending. He often enjoys food and wine with his customers. High-level sources say that Yang “looks loyal and honest” but is in fact a person who fails to attend his proper duties. He is known to be loyal to his friends.



Categories: Crime & Corruption

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Trackbacks

  1. June 6 2012 China Daily Mail Headlines « Craig Hill
  2. The Politics of Economic Crisis in China « The Daily Crowd

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