Former top PLA general under graft probe

June 16, 2014 Leave a comment

Former top PLA general under graft probe
Hilary Wong and Qi Luo
Wednesday, June 11, 2014

A graft probe against retired PLA general Xu Caihou – who has been placed under house arrest for his alleged involvement in a 10 million yuan (HK$12.4 million) corruption scandal – is to go head, according to Bastille Post.

Xu, 71 – the former vice chairman of the Central Military Commission – is the second highest official to come under investigation after Bo Xilai, the former Communist Party chief in Chongqing.

At the end of March this year, former People’s Liberation Army general Gu Junshan, who was accused of amassing several lavish properties, was convicted of corruption and abuse of power. Xu was considered a strong supporter of Gu.

In 2011, Liu Yuan – the son of former president Liu Shaoqi – was appointed the political commissar to replace Gu in the PLA’s General Logistics Department to investigate corruption cases. But the investigation was stopped when it proceeded to Gu.

Liu, as a powerful member in the department, decided to continue the investigation and submitted a letter to Xi Jinping, who was then vice chairman of the Communist Party’s Central Military Commission, to report on the case.

Since both Liu and Xi have known each other for a long time, they are also like-minded.

Xi agreed that corruption problems in the military should be seriously tackled and he supported the investigation of Gu’s case.

He even obtained the agreement of Hu Jintao, who was then the chairman of the Central Military Commission.

As Gu’s patron, Xu was dissatisfied

and blocked Liu’s promotion at the 18th National People’s Congress.

Xu was reportedly involved in Gu’s case years after his retirement but the central government did not initially take action as he was receiving hospital treatment for cancer.

A source from Beijing said the decision to build the case against Xu showed the determination of the central government to stamp out graft.

Xu was promoted when Jiang Zemin was in office. He served as the vice president of the Central Military Commission and entered the Politburo during the party’s 17th National Congress in 2007.

Xu retired during the 18th National Congress in 2012 and has been staying in hospital

 

Filed under Macro Trends

Unknown's avatarAbout bambooinnovator
Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

Leave a comment