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« African reformer murdered | Main | Harris Corp continues probe of Carefx China »
Wednesday
Nov142012

China billionaire detained in railway corruption scandal

Xu Yusho, one of the richest people in China, has been arrested on suspicion of paying bribes to win lucrative contracts with the Ministry of Railways.
 
Xu’s company Invengo Information Technology was contracted to provide the ministry with radio frequency ID tags and readers.
 
A member of Invengo’s board of directors reportedly served as the ministry’s deputy director of science and technology.
 
China’s high-speed railway system and its vendors have been under heavy scrutiny since the downfall of former chief railway minister Liu Zhijun.
 
Authorities allege Liu set up a complicated scheme involving kickbacks, favors, and bribes paid through middlemen in order to generate illicit profit from railway procurement.
 
Liu’s expulsion from the Communist Party was recently ratified at the 18th National Party Congress.

Source: South China Morning Post

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Benjamin Kessler is a contributing editor of the FCPA Blog and managing editor of its membership area.

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