Cash-hoarding China official jailed for graft: Xinhua

AFP, BEIJING: A former Chinese official who stockpiled so many millions at his home that money-counting machines reportedly broke when authorities tried to count the hoard was given a heavy prison sentence for corruption yesterday, official media said.
Wei Pengyuan, former deputy head of the coal department at China’s National Energy Adminis-tration, was found guilty of accepting more than 211.7 million yuan ($31.4 million) in bribes, the official Xinhua news agency said, citing a court in the northern province of Hebei.
He was sentenced to death with a two-year reprieve, a penalty that is normally commuted to life imprisonment.
When Wei was put under investigation in 2014, he was found to have hoarded more than 200 million yuan in cash at home, Xinhua said.
Police had to use 16 money-counting machines to count the stash, with four of them breaking down during the process, the respected financial media outlet Caixin reported at the time.
The highest value Chinese banknote is 100 yuan. 
As such Wei’s stash had to contained at least two million individual notes.
Graft has become endemic in China and President Xi Jinping launched a much-publicised drive against corruption after he came to power in 2012, vowing to target both high-level “tigers” and low-ranking “flies”.
But analysts say the country has failed to implement institutional safeguards, such as an independent judiciary and free media, leaving anti-graft campaigns subject to the influence of politics.

Cash-hoarding China official jailed for graft: Xinhua

AFP, BEIJING: A former Chinese official who stockpiledso many millions athis home that money-counting machines reportedly broke when authorities tried to count the hoard was given a heavy prison sentence for corruption yesterday, official media said. Wei Pengyuan, former deputy head of the coal department at Chinas National Energy Adminis-tration, was found guilty of accepting more than 211.7 million yuan ($31.4 million) in bribes, the official Xinhua news agencysaid, citing a court in the northern province of Hebei. He was sentenced to death with a two-year reprieve, a penalty that is normally commuted to life imprisonment. When Wei was put under investigation in 2014, he was found to have hoarded more than 200 millionyuan in cash at home, Xinhua said. Police had to use 16 money-counting machines to count the stash, with four of them breaking down during the process, the respected financial media outlet Caixin reported at the time. The highest value Chinese banknote is 100 yuan. As such Weis stashhad to contained at least two million individual notes. Graft has become endemic in China and President Xi Jinping launched a much-publicised drive against corruption after he came to power in 2012, vowing to target both high-level tigers and low-ranking flies. But analysts say the country has failed toimplement institutional safeguards, such as an independent judiciaryand free media, leaving anti-graft campaigns subject to the influenceof politics.