Boxun: Jiang Zemin Involved in a 1.2 Trillion Yuan Securities Fraud Case

Boxun, an online overseas Chinese news media, quoted a report from Hong Kong Cheng Ming magazine that the Chinese Communist Party Central Commission for Discipline Inspection is investigating the biggest securities fraud case in Chinese history; it amounts to over 1.2 trillion yuan (US$19 billion). Former CCP leader Jiang Zemin, Jia Qinglin, Huang Ju, Jiang Zemin’s son Jiang Mianheng, and Jiang’s nephew Wu Zhiming were all involved. The news came from a source close to Beijing’s high-level officials. The Bank for International Settlements (BIS) found in December 2002 that a huge sum of money, amounting to over US$20 billion came out of China and was  not claimed. Later, Liu Jinbao revealed from prison that Jiang Zemin had sent the money out because he was trying to prepare for the CCP’s 16th Congress in case of any unforeseen event. Liu Jinbao once served as the governor of the Bank of China’s Shanghai Branch.