Shanghai's mayor said investigators recovered all the money siphoned away from city social security funds in one of China's most politically divisive corruption scandals.
Mayor Han Zheng's (韓正) announcement yesterday was the first major revelation in months into the sprawling investigation that has already toppled the city's Communist Party boss, Chen Liangyu (陳良宇), and seen more than a dozen other officials and business executives detained for questioning.
"We have already reclaimed in full the misappropriated funds safely," Han said in an annual policy speech to the Municipal People's Congress, the city's legislature.
Han gave no specific figure for the amount recovered. State media had previously reported that 3.2 billion yuan (US$400 million) was diverted from the city's pension and housing funds into risky real estate, toll road and other investments.
The announcement, however, indicates a gradual winding-down of the investigation, which has cast a web of suspicion over China's financial center and frayed nerves within the party.
The 59-year-old Chen was the highest level party official to be axed in more than a decade, part of a move by President Hu Jintao (
As the city's most powerful official and a senior member of the party's so-called "Shanghai faction," Chen had been viewed as one of Hu's main political rivals.
The investigation has largely centered on the diversion of as much as US$400 million in pension and housing funds into risky real estate and toll road investments.
Chen, who disappeared from public in September after the allegations against him were announced, is accused of aiding illegal businesses, shielding corrupt colleagues and abusing his position to benefit family members. Han gave no additional details of Chen's alleged misdeeds, merely saying he was guilty of "severe disciplinary violations."
Growing numbers of Han's aides and business cronies have become ensnared in the probe, including the city's labor chief and a district governor. The former head of the National Statistic Bureau has also been accused of taking bribes in connection with the scandal and was expelled from the Communist Party earlier this month.
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