Daily Archives: June 17, 2011

John Gapper

The official Chinese estimate that corrupt officials and executives of state-owned enterprises smuggled $124bn in bribes and ill-gotten gains out of the country over 15 years is a vivid confirmation of one of the country’s Achilles heels.

It follows the resignation of China’s railways minister in February after he was investigated for corruption. Liu Zhijun was in charge of the country’s vast and expensive (as well as lucrative for suppliers) high-speed rail network. Read more