WORLD

Gold Worth Millions Found in Corrupt Chinese Official’s Home In Haikou City

One Chinese official who could be facing death penalty if he is found guilty of "economic crimes" has some serious explaining to do after investigators came across mounds of gold in his house in Haikou City, Hainan province.
03 Oct 2019 11:45
Gold Worth Millions Found in Corrupt Chinese Official’s Home In Haikou City
A rather large amount of gold - 13.5 tonnes to be precise, with a potential value of £520 million ($637m) found at former mayor of Haikou City, 58-year-old Zhang Qi's lavish house. Source: The Sun UK

One Chinese official could be facing death penalty if he is found guilty of “economic crimes” has some serious explaining to do after investigators came across mounds of gold in his house in Haikou City, Hainan province in China.

The former mayor of Haikou City, 58-year-old Zhang QiZhang Qi, a member of provincial and municipal party committees, was reportedly undergoing a disciplinary review and being investigated for possible illegality when the enormous stash was uncovered.

It has been claimed that the 58-year-old may have received the gold bars as bribes before they were discovered in his home during a raid earlier this month.

The Communist official is suspected to have received a rather large amount of gold – 13.5 tonnes to be precise, with a potential value of £520 million ($637m).

In addition to the gold, there was an alleged 268 billion yuan (£30bn/$36.7bn) worth of suspected bribes on the man’s account.

It is also thought that he was the recipient of multiple luxurious villas as perks.

More than 10,000 people have been indicted for corruption since he took office in 2012.

Authorities found some 13.5 tons of gold, as well as millions of yuan in cash and antiques, plus evidence of a huge portfolio of luxury real estate. According to local reports, the disciplinary commission announced in early September that they were looking into the ex-governor’s affairs.

According to The Sun, if Zhang Qi is found guilty of ‘economic crimes’ – following the National Supervisory Commission investigation – he could face the death penalty.

According to reports, at least 120 corrupt bigwigs have been uncovered in similar investigations – including military officers and top execs.

This video shows investigators sifting through a huge pile of golden bars which are also stacked up on shelving units.

 

If these corruption accusations turn out to be true, he would have been the richest man in China, worth more than Jack Ma – the current wealthiest man in the East Asian country – who is worth a reported $37 billion (£30bn).

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