• Chinese executives linked to Communist Party critic stand trial

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    BEIJING: Three executives of a Chinese investment firm linked to outspoken Communist Party critic Guo Wengui confessed to fraud on Friday, as the billionaire property tycoon lobs corruption allegations at high-level officials from abroad. Appearing in Dalian Xigang People’s Court in northeastern Liaoning province, the defendants—Lu Tao, Xie Honglin and Yang Ying—admitted to fraud involving 3.2 billion yuan ($470 million) in loans from the Agricultural Bank of China. Xie and Lu also confessed to fraudulently obtaining foreign currency. All three held management positions at Beijing Pangu Investment and said in court that Guo was Pangu’s “actual controlling shareholder,” testifying that they did not have any decision-making power. Guo, who left China two years ago and is currently in New York, denied the statement in a message to Agence France-Presse on Friday.

    AFP

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