Shanghai’s Lost Pension Funds All Recouped – China Business News

 English Doc 2006-01 16 Xin 030103160615237213939

From China Business News (第一财经日报) via sina.com.cn, translated by CDT (photo: Mayor Han Zheng, via China Daily):

Shanghai mayor and acting party secretary Han Zheng (韩正) proudly announced at a government report meeting of the city that all the illegitimately used pension funds, totally 3.7 billion yuan including interest, have been recouped.

Without naming a name, Han noted the scandal caused very bad “political impact (ÊîøÊ≤ªÂΩ±Âìç),” and that it involved a number of officials in important positions. The case “exposed the flaws of our system, loopholes in our management and a lack of supervision.” He called for learning from the lesson and improving the work. [Full Text, in Chinese]

– previous coverage on pension fund scandal and Chen Liangyu

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