Korean won slides amid strong US dollar, China fears
Korea HeraldAug 05, 2023
The Facts
Former Bank of China (BOC) branch manager Xu Guojun has been sentenced to life in prison after being convicted in connection to the embezzlement and misappropriation of over $483M between 1993 and 2001. Xu was on the run for 20 years until the US extradited him to China in 2021.
The court ruled that Xu and his accomplices embezzled over 900M yuan ($125.4M) in US dollars, Hong Kong dollars, and German marks through fraudulent loans, misappropriated loan payments, and the siphoning of bank funds to other accounts. The group was also convicted of misappropriating another 1.4B yuan for other illegal purposes.
The Spin
Pro-China narrative
Considering the economic pain Xu caused for the government and the Chinese people, this sentence is more than fair. After decades of thievery and another 20 years of hiding from justice, the government has finally put an end to this corrupt scheme and its perpetrators.
Anti-China narrative
Don't be fooled by Xi's faux egalitarianism. He isn't cracking down on successful businessmen due to their greed but rather due to their unwillingness to completely bow to his regime. He's investigated, sanctioned, or arrested dozens of executives — from the finance industry to the tech industry — to solidify Communist Party loyalty among the nation's elite.