China Confiscates Billions In “Ugliest Corruption Scandal” In History

Sunday, March 30, 2014
By Paul Martin

by Tyler Durden
ZeroHedge.com
03/30/2014

With Chinese authorities increasingly looking like they are sticking to their reform promises, fighting moral hazard and allowing defaults to occur (in a completely ‘contained’ way, of course); the continued crackdown on graft and government corruption has hit a new high (or low). As Reuters reports, Chinese authorities have seized assets worth at least 90 billion yuan ($14.5 billion) from family members and associates of retired domestic security tsar Zhou Yongkang, who is at the center of China’s biggest corruption scandal in more than six decades. 71-year-old Zhou has been under house arrest since first being investigated late last year but the size and scale of the corruption is unprecedented including 300 apartments, 60 vehicles, bonds, stocks, and gold – “it’s the ugliest in the history of the New China.”

The Rest…HERE

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