Top 10 runaway Chinese tycoons (3)

15:27, August 04, 2010      

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Yu Zhendong

Yu Zhendong

Amount of money: 4 billion yuan

Together with others, Yu Zhendong transferred 483 million U.S. dollars to another country when he served as the president of BOC Kaiping Branch. In October 2001, Yu and other two persons entered the United States with false documents. On April 16, 2004, Yu Zhendong was handed over to Chinese judiciary by the agents of U.S. Federal Bureau of Investigation at the Beijing Capital Airport.

Yu Zhendong, with a university education, 42 years old, was born in Kaiping, Guangdong. In 1982, Yu Zhendong formally entered the Kaiping branch of Bank of China and served successively as the Deputy Minister of Finance and the Minister of Finance, and then was promoted to the Vice President and President. The first corruption case of China with 483 million U.S. dollars involved – the Kaiping case had lasted more than four years until the principal criminal Yu was repatriated to China on April 8, 2004 from the United States. Before that day, no one had received any punishment or sanctions under Chinese law.

Yu Zhendong, was the first repatriated corrupt official from the United States and the largest corrupt official in the history of the People’s Republic of China. In 2004, Yu Zhendong, not only could not be judged by the legal practice and game rules of China, and even the international routine of "life imprisonment" could not be implemented absolutely. There was only less than 12 years in prison for his theft of 483 million U.S. dollars of China. In this case, there are a series of advanced, earth-shattering, unique historic and significant conflicts with the justice, legal profession in China and international world.
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