China Looks For Clue To Crack Cash Stash

Written By Unknown on Kamis, 15 Mei 2014 | 22.57

By Mark Stone, Asia Correspondent

Police in China have uncovered a stash of cash so large that 16 money-counting machines had to be used to count it.

According to Caixin, a Chinese financial news agency, 100 million yuan (£10m) was found at the home of Wei Pengyuan, a Chinese government official.

The largest denomination banknote in China is a 100 yuan (£10) note which means that the stash contained about a million notes.

In a single pile, that would measure about 100 metres high.

Four of the counting machines, which are commonly used across China, broke down in the process of counting them.

Wei Pengyan Mr Wei is being held while the investigation continues

Mr Wei is the deputy head of the "Coal Bureau" at China's National Energy Administration.

According to reports, his job involves approving the construction of power stations of which China is building plenty at the moment.

Mr Wei has been detained as the investigation continues into how he acquired so much cash.

The Chinese government is in the middle of a crackdown on corruption within its ranks in a bid to improve its domestic and global image.

The focus on corruption has led for calls for China's leaders to reveal their own personal assets.

However, Chinese activists calling for transparency among the Chinese leadership have been detained and jailed.

The New York Times and Bloomberg have conducted investigations into the assets of President Xi Jinping and former premier Wen Jiabao.

Neither leader was accused of wrongdoing but the websites of both organisations were blocked in China and the issuance of reporters' visas made more difficult.


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