DOCSLIB.ORG

2 the Upper World 3 Bank Fraud

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
2 the Upper World 3 Bank Fraud Notes 2 The Upper World 1 . According to the official discourse by the CCP, Mao Zedong is considered the core of the first-generation leadership group; Deng Xiaoping, the second- generation core leader; Jiang Zemin, the third; Hu Jintao, the fourth; and Xi Jinping, the fifth. Although Hua Guofeng, Hu Yaobang, and Zhao Ziyang also served as the head of the party, Deng Xiaoping is regarded as the real core leader of the second-generation leadership team. 2 . The Eight Great Eminent Officials, abbreviated as the Eight Elders, were a group of revolutionary leaders of the CCP who held substantial power during the 1980s and 1990s. 3 . The Politburo Standing Committee is a committee with five to nine mem- bers constituting the top leadership of the CCP and accountable to the CCP’s 25-member Central Politburo or Politburo. The Politburo is a policy-making body accountable to the larger Central Committee of the CCP, which assem- bles once a year. 4 . In 2012 the newly appointed Chinese president, Xi Jinping, reiterated, “We must never allow the Party to change its essence nor allow the Red of our mountains and lakes to fade” (Lu, 2014). His statement emphasized the prince- lings’ determination to maintain their power over the party and the state. 3 Bank Fraud 1 . In Chinese law, only those behaviors prohibited by the Criminal Law of the People’s Republic of China (last amended in 2006) and subject to the People’s Congress supplementation of, or interpretation of, China’s criminal law are considered to be crimes. Other legislation does not have the authority to clas- sify a specific action as a criminal offence. 2 . In this case, the two main suspects, Lu Jianxin and Zhu Huanliang of Shenzhen China Venture Capital Co., assisted by six other business executives, report- edly made huge profits from manipulating the price of shares of Shenzhen China Venture Capital Co. The duo raised more than 5.4 billion RMB yuan (US$653 million) between December 1998 and January 2001 from bank loans and other sources, which they distributed to more than 1,500 stock accounts 172 NOTES around the country. These accounts were used to acquire over 55 percent of the securities of the company. The China Venture Capital Co. case triggered panic among investors, which resulted in the company’s stock slumping by more than 10 percent in five days. Lu and Zhu have absconded and are still on the run. Prosecutors and judges in the case faced the problem of unfamiliarity with relevant legal and financial issues. They had to assess “several trucks” of evidence and were challenged by the escape of the two main suspects. In March 2005, after a long and difficult process, the six other accused executives received prison sentences of two to four years. 3 . In this case, Zhou Qing, CEO of Huayunda Real Estate Development Co, assisted by three key bank loan officers and two attorneys who had accepted bribes or kickbacks, falsified 257 mortgage applications between December 2000 and June 2002 in connection with Huayuanda’s Sen Hao apartments in order to obtain funds of USD$530 million from the BOC’s Beijing branch. In September 2007 the three bank loan officers and two attorneys received sentences of one to five years’ imprisonment (Beijing Number-Two People’s Procuratorate v. Xu, Shang, Zhang, Kong, and Zhan, 2007). Zhou’s case is still under investigation because he was found to have been involved in other crim- inal offences. 4 Securities Fraud 1 . According to Article 47 of the PROSIT: ”An institutional shareholder that holds 5 percent of the shares issued by a company limited by shares shall, within three days from the date on which the number of shares held by him reaches this percentage, report the same to the company, which shall, within three days from the date on which it receives the report, report the same to the securities regulatory authority under the State Council. If the company is a listed company, it shall report the matter to the stock exchange at the same time.” 2. It is unknown why Xiangfan did not appeal the unjustifiable fine of two mil- lion RMB yuan. 3 . For example, in a case quoted by the securities regulatory body, the company committing insider trading obtained illegal income of more than 11.8 million RMB yuan (Shan, 1997: 24). 4 . Civil law remains generally underdeveloped in China, partly because of the relatively short history of contemporary civil law in the country. Traditionally, the state was primarily concerned with the protection of a hierarchical order and showed little interest in developing civil law. Civil actions were usually heard at a criminal trial or resolved by community adjudicators. Civil cases were not well distinguished from criminal cases until the 1930s, when the first civil code was enacted, based on Western legislation. Although the postcom- munist Chinese government has rapidly imported many civil and commer- cial laws since 1979, judges trained in the Chinese legal education system still NOTES 173 lack sufficient knowledge and skills to deal with civil cases (see Meijer, 1967: 43–53). 5 . Rat trading is a form of front running in which fund managers use personal accounts to buy shares cheaply and then sell them at a profit after purchases from the funds they manage have boosted their value. 6. China initially had four financial asset management companies (AMCs), each paired with one of the main commercial banks: Cinda with the Construction Bank of China, Great Wall with the Agricultural Bank of China, Oriental with the Bank of China and Huarong with the Industrial and Commercial Bank of China. In addition, a further six licenses have been issued to other companies, allowing them to be involved in asset management. All AMCs remain under the supervision of the PBC with input from the State Securities Supervisory Committee of China and the Ministry of Finance. In many ways, China’s AMCs are an arm of the state. Currently, their major activity is debt-equity swaps, which are selected by the State Economic and Trade Commission (SETC) and not the AMCs themselves. In this way, the AMCs are a crucial part of the government’s overall restructuring program for the state-owned sector in China. Over the long term, the AMCs aim to recover approximately one trillion RMB yuan in nonperforming loans owed to the country’s four major state-run commercial banks by China’s loss-making SEOs. This is a major task for the AMCs, given that China’s state-owned industries are esti- mated to face US$200 billion in bad debts. The longer-term aim of the AMCs is to rehabilitate the loss-making, large, state-owned companies and eventu- ally liquidate their stakes by selling or listing the shares of the companies. However, whether the AMCs will be able to revive the companies and find a market for their shares remains to be seen. 7 . Some published studies show that public disclosure of offenders can and does facilitate the enforcement mechanism with regard to the regulation of insider trading. Obviously, in certain cases, adverse publicity could affect companies’ and individuals’ self-respect and prestige. Fisse and Braithwaite (1983) con- sider that the main advantage of formalized disclosure is the effect that it has on deterrence and therefore prevention. 8 . Securities companies developed very quickly during the period of 1991–1996. At that time, the PBC, Ministry of Finance, and specialized banks established their own securities departments, one after another. In October 1992, in con- junction with China’s stock market boom, the Chinese government estab- lished three major securities companies: Huaxia, Guotai, and Nanfang, in Beijing, Shanghai, and Shenzhen, respectively. These securities companies, which are backed by banks, gradually consolidated their dominating role in securities underwriting and other securities businesses. 9. The ISG is an information-sharing cooperative governed by a written agree- ment among its members. It was created in 1983 by the major US securities exchanges to meet the increasing need among these marketplaces to share information regarding securities trading. In 1990 organizations not regu- lated by the USA were allowed to join the ISG as affiliate members to facilitate 174 NOTES further information sharing. Since then, the ISG has grown to include North American, Asian, and European exchanges, all of which have a common interest in ensuring that the securities and futures marketplaces are regulated effectively and efficiently. 6 Law and the Courts 1 . See Deng’s speech in a meeting with a delegation, including senior American entrepreneurs, organized by Time, Inc. on October 23, 1985: Deng Xiaoping, Selected Words of Deng Xiaoping , Beijing: The People’s Publishing House, 2001, vol. 3, p. 142. 2 . See Deng’s interview with Prime Minister David Lange of New Zealand on March 28, 1986, in Selected Words of Deng Xiaoping . 3 . See Deng’s talk on his visit to Tianjin, August 19–21, 1986, in Selected Words of Deng Xiaoping . 4 . Under Chinese law, only those behaviors prohibited by the Criminal Law of the People’s Republic of China (last amended in 2009) and the NPC’s supple- mentations to or interpretations of the law are considered crimes. Other legis- lation cannot determine whether a particular act is a criminal offence. Bibliography Aldred, Stephen and Irene Jay Liu. 2014. “Special Report: The Princeling of Private Equity.” Reuters, Business News, April 9. Accessed July 25, 2015, http://www.reuters.com/article/2014/04/10/us-china-privateequity-special- report-idUSBREA3900D20140410 Bacher, Jean-Luc, Martin Bouchard, Pierre Tremblay, and Julie Paquin. 2005. “Another Look at the ‘Corporate Advantage’ in Routine Criminal Proceedings.” Canadian Journal of Criminology and Criminal Justice 47/4: 685–707.
Load more

Recommended publications
  • Wuhu 37 Interactive Entertainment Network Technology Group Co., Ltd
    Wuhu 37 Interactive Entertainment Network Technology Group Co., Ltd. 2020 Annual Report (Summary) April 2021 Should there be any discrepancy between the English version and the Chinese version of this Report, the Chinese version shall prevail. 1 Part I Important Notes, Table of Contents and Definitions The Board of Directors (or the “Board”), the Supervisory Committee as well as the directors, supervisors and senior management of Wuhu 37 Interactive Entertainment Network Technology Group Co., Ltd. (hereinafter referred to as the “Company”) hereby guarantee the truthfulness, accuracy and completeness of the contents of this Report, and shall be jointly and severally liable for any misrepresentations, misleading statements or material omissions therein. Li Weiwei, the Company’s legal representative, and Ye Wei, the Company’s Chief Financial Officer & Board Secretary, hereby guarantee that the financial statements carried in this Report are truthful, accurate and complete. All the Company’s directors have attended the Board meeting for the review of this Report. Possible risks facing the Company have been detailed in the section under the heading of “Prospects” under “Part IV Operating Performance Discussion and Analysis” herein, which investors are kindly reminded to pay attention to. The Company is subject to the disclosure requirements for listed companies engaged in software and IT services. The Board has approved a final dividend plan as follows: based on 2,217,864,281 shares, a cash dividend of RMB 2 (tax inclusive) per 10 shares is planned to be distributed to all the shareholders of the Company, with no bonus issue from either profit or capital reserves.
    [Show full text]
  • Hong Kong SAR
    China Data Supplement November 2006 J People’s Republic of China J Hong Kong SAR J Macau SAR J Taiwan ISSN 0943-7533 China aktuell Data Supplement – PRC, Hong Kong SAR, Macau SAR, Taiwan 1 Contents The Main National Leadership of the PRC 2 LIU Jen-Kai The Main Provincial Leadership of the PRC 30 LIU Jen-Kai Data on Changes in PRC Main Leadership 37 LIU Jen-Kai PRC Agreements with Foreign Countries 47 LIU Jen-Kai PRC Laws and Regulations 50 LIU Jen-Kai Hong Kong SAR 54 Political, Social and Economic Data LIU Jen-Kai Macau SAR 61 Political, Social and Economic Data LIU Jen-Kai Taiwan 65 Political, Social and Economic Data LIU Jen-Kai ISSN 0943-7533 All information given here is derived from generally accessible sources. Publisher/Distributor: GIGA Institute of Asian Affairs Rothenbaumchaussee 32 20148 Hamburg Germany Phone: +49 (0 40) 42 88 74-0 Fax: +49 (040) 4107945 2 November 2006 The Main National Leadership of the PRC LIU Jen-Kai Abbreviations and Explanatory Notes CCP CC Chinese Communist Party Central Committee CCa Central Committee, alternate member CCm Central Committee, member CCSm Central Committee Secretariat, member PBa Politburo, alternate member PBm Politburo, member Cdr. Commander Chp. Chairperson CPPCC Chinese People’s Political Consultative Conference CYL Communist Youth League Dep. P.C. Deputy Political Commissar Dir. Director exec. executive f female Gen.Man. General Manager Gen.Sec. General Secretary Hon.Chp. Honorary Chairperson H.V.-Chp. Honorary Vice-Chairperson MPC Municipal People’s Congress NPC National People’s Congress PCC Political Consultative Conference PLA People’s Liberation Army Pol.Com.
    [Show full text]
  • The Dimming of a Chinese Strongman's Aura Introduction A
    The dimming of a Chinese strongman’s aura 01 June, 2020 | GS-II | International Relations | GS PAPER 2 | INTERNATIONAL ISSUES | CHINA | CHINA OBOR | INDIA AND CHINA The dimming of a Chinese strongman’s aura By, Sujan R. Chinoy, a China specialist and former Ambassador, is currently the Director General of the Manohar Parrikar Institute for Defence Studies and Analyses, New Delhi. The views expressed are personal Introduction # To the outside world, China seeks to project a picture of monolithic unity behind President Xi Jinping’s highly centralised leadership. However, media tropes point to a greater scrutiny of his role and leadership style, especially during the early stages of the COVID-19 outbreak in Wuhan. # Reports have surfaced alleging delays in reporting facts, conflicting instructions and tight censorship. # Observers have drawn parallels between Mr. Xi and his powerful predecessors, Mao Zedong and Deng Xiaoping, perhaps a tad unfairly to both the iconic architects of the People’s Republic of China (PRC). A timeline of change Mao # Mao presided over the founding of the PRC in 1949. # He consolidated his leadership during the Long March in the mid-1930s. Despite his many detractors, he remained the undisputed leader of China until his death on September 9, 1976 even if, towards the end, it was the Gang of Four, led by his wife Jiang Qing, which had usurped power in his name. # Mao banished his adversaries frequently, whether it was Liu Shaoqi, Lin Biao, or even Deng Xiaoping. # Mao’s reign after the founding of the PRC lasted 27 years. By comparison, the 67-year-old Xi Jinping has been at the helm for just under eight years.
    [Show full text]
  • Xi Jinping's War on Corruption
    University of Mississippi eGrove Honors College (Sally McDonnell Barksdale Honors Theses Honors College) 2015 The Chinese Inquisition: Xi Jinping's War on Corruption Harriet E. Fisher University of Mississippi. Sally McDonnell Barksdale Honors College Follow this and additional works at: https://egrove.olemiss.edu/hon_thesis Part of the Political Science Commons Recommended Citation Fisher, Harriet E., "The Chinese Inquisition: Xi Jinping's War on Corruption" (2015). Honors Theses. 375. https://egrove.olemiss.edu/hon_thesis/375 This Undergraduate Thesis is brought to you for free and open access by the Honors College (Sally McDonnell Barksdale Honors College) at eGrove. It has been accepted for inclusion in Honors Theses by an authorized administrator of eGrove. For more information, please contact [email protected]. The Chinese Inquisition: Xi Jinping’s War on Corruption By Harriet E. Fisher A thesis presented in partial fulfillment of the requirements for completion Of the Bachelor of Arts degree in International Studies at the Croft Institute for International Studies and the Sally McDonnell Barksdale Honors College The University of Mississippi University, Mississippi May 2015 Approved by: ______________________________ Advisor: Dr. Gang Guo ______________________________ Reader: Dr. Kees Gispen ______________________________ Reader: Dr. Peter K. Frost i © 2015 Harriet E. Fisher ALL RIGHTS RESERVED ii For Mom and Pop, who taught me to learn, and Helen, who taught me to teach. iii Acknowledgements I am indebted to a great many people for the completion of this thesis. First, I would like to thank my advisor, Dr. Gang Guo, for all his guidance during the thesis- writing process. His expertise in China and its endemic political corruption were invaluable, and without him, I would not have had a topic, much less been able to complete a thesis.
    [Show full text]
  • UNIVERSITY of CALIFORNIA Los Angeles the How and Why of Urban Preservation: Protecting Historic Neighborhoods in China a Disser
    UNIVERSITY OF CALIFORNIA Los Angeles The How and Why of Urban Preservation: Protecting Historic Neighborhoods in China A dissertation submitted in partial satisfaction of the requirements for the degree Doctor of Philosophy in Urban Planning by Jonathan Stanhope Bell 2014 © Copyright by Jonathan Stanhope Bell 2014 ABSTRACT OF THE DISSERTATION The How and Why of Preservation: Protecting Historic Neighborhoods in China by Jonathan Stanhope Bell Doctor of Philosophy in Urban Planning University of California, Los Angeles, 2014 Professor Anastasia Loukaitou-Sideris, Chair China’s urban landscape has changed rapidly since political and economic reforms were first adopted at the end of the 1970s. Redevelopment of historic city centers that characterized this change has been rampant and resulted in the loss of significant historic resources. Despite these losses, substantial historic neighborhoods survive and even thrive with some degree of integrity. This dissertation identifies the multiple social, political, and economic factors that contribute to the protection and preservation of these neighborhoods by examining neighborhoods in the cities of Beijing and Pingyao as case studies. One focus of the study is capturing the perspective of residential communities on the value of their neighborhoods and their capacity and willingness to become involved in preservation decision-making. The findings indicate the presence of a complex interplay of public and private interests overlaid by changing policy and economic limitations that are creating new opportunities for public involvement. Although the Pingyao case study represents a largely intact historic city that is also a World Heritage Site, the local ii focus on tourism has disenfranchised residents in order to focus on the perceived needs of tourists.
    [Show full text]
  • China Turns up Heat on Ex-Security Chief with Crash Probe
    CHINA PRIME TARGET: Zhou Yongkang was head of domestic security and a member of the Communist Party Standing Politburo Committee, making him one of the most powerful people in China, until he stepped down in 2012. REUTERS/STRINGER Authorities have begun investigating a crash in 2000 that killed the first wife of Zhou Yongkang, the prime target in China’s biggest corruption scandal, Reuters source says. China turns up heat on ex-security chief with crash probe BY BENJAMIN KANG LIM, CHARLIE ZHU AND DAVID LAGUE SPECIAL REPORT 1 CHINA’S POWER STRUGGLE BEIJING/HONG KONG, SEPTEMBER 12, 2014 ittle is known about the exact circum- stances in which Wang Shuhua was Lkilled. What has been reported, in the Chinese media, is that she died in a road ac- cident sometime in 2000, shortly after she was divorced from her husband. And that at least one vehicle with a military license plate may have been involved in the crash. Fourteen years later, investigators are looking into her death. Their sudden inter- est has nothing to do with Wang herself. It has to do with the identity of her ex-hus- band – once one of China’s most powerful men and now the prime target in President Xi Jinping’s anti-corruption campaign. Investigators are probing the death of the first wife of Zhou Yongkang, China’s HUNTING TIGERS: President Xi Jinping has launched the biggest corruption crackdown since the retired security czar, a source with di- communists came to power in 1949, going after “tigers” or high-ranking officials as well as “flies”.
    [Show full text]
  • Representations of Cities in Republican-Era Chinese Literature
    Representations of Cities in Republican-era Chinese Literature Thesis Presented in Partial Fulfillment of the Requirements for the Degree Master of Arts in the Graduate School of The Ohio State University By Hao Zhou, B.A. Graduate Program in East Asian Languages and Literatures The Ohio State University 2010 Thesis Committee: Kirk A. Denton, Advisor Heather Inwood Copyright by Hao Zhou 2010 Abstract The present study serves to explore the relationships between cities and literature by addressing the issues of space, time, and modernity in four works of fiction, Lao She’s Luotuo xiangzi (Camel Xiangzi, aka Rickshaw Boy), Mao Dun’s Ziye (Midnight), Ba Jin’s Han ye (Cold nights), and Zhang Ailing’s Qingcheng zhi lian (Love in a fallen city), and the four cities they depict, namely Beijing, Shanghai, Chongqing, and Hong Kong, respectively. In this thesis I analyze the depictions of the cities in the four works, and situate them in their historical and geographical contexts to examine the characteristics of each city as represented in the novels. In studying urban space in the literary texts, I try to address issues of the “imaginablity” of cities to question how physical urban space intertwines with the characters’ perception and imagination about the cities and their own psychological activities. These works are about the characters, the plots, or war in the first half of the twentieth century; they are also about cities, the human experience in urban space, and their understanding or reaction about the urban space. The experience of cities in Republican era fiction is a novel one, one associated with a new modern historical consciousness.
    [Show full text]
  • Congressional-Executive Commission on China Annual
    CONGRESSIONAL-EXECUTIVE COMMISSION ON CHINA ANNUAL REPORT 2007 ONE HUNDRED TENTH CONGRESS FIRST SESSION OCTOBER 10, 2007 Printed for the use of the Congressional-Executive Commission on China ( Available via the World Wide Web: http://www.cecc.gov VerDate 11-MAY-2000 01:22 Oct 11, 2007 Jkt 000000 PO 00000 Frm 00001 Fmt 6011 Sfmt 5011 38026.TXT CHINA1 PsN: CHINA1 2007 ANNUAL REPORT VerDate 11-MAY-2000 01:22 Oct 11, 2007 Jkt 000000 PO 00000 Frm 00002 Fmt 6019 Sfmt 6019 38026.TXT CHINA1 PsN: CHINA1 CONGRESSIONAL-EXECUTIVE COMMISSION ON CHINA ANNUAL REPORT 2007 ONE HUNDRED TENTH CONGRESS FIRST SESSION OCTOBER 10, 2007 Printed for the use of the Congressional-Executive Commission on China ( Available via the World Wide Web: http://www.cecc.gov U.S. GOVERNMENT PRINTING OFFICE 38–026 PDF WASHINGTON : 2007 For sale by the Superintendent of Documents, U.S. Government Printing Office Internet: bookstore.gpo.gov Phone: toll free (866) 512–1800; DC area (202) 512–1800 Fax: (202) 512–2104 Mail: Stop IDCC, Washington, DC 20402–0001 VerDate 11-MAY-2000 01:22 Oct 11, 2007 Jkt 000000 PO 00000 Frm 00003 Fmt 5011 Sfmt 5011 38026.TXT CHINA1 PsN: CHINA1 VerDate 11-MAY-2000 01:22 Oct 11, 2007 Jkt 000000 PO 00000 Frm 00004 Fmt 5011 Sfmt 5011 38026.TXT CHINA1 PsN: CHINA1 CONGRESSIONAL-EXECUTIVE COMMISSION ON CHINA LEGISLATIVE BRANCH COMMISSIONERS House Senate SANDER M. LEVIN, Michigan, Chairman BYRON DORGAN, North Dakota, Co-Chairman MARCY KAPTUR, Ohio MAX BAUCUS, Montana TOM UDALL, New Mexico CARL LEVIN, Michigan MICHAEL M. HONDA, California DIANNE FEINSTEIN, California TIM WALZ, Minnesota SHERROD BROWN, Ohio CHRISTOPHER H.
    [Show full text]
  • Information Confidentiality and the Chinese Wall Model in Government Tender Fraud
    Information Confidentiality and the Chinese Wall Model in Government Tender Fraud Sobhana Rama Stephen V Flowerday Duane Boucher Department of Information Systems Department of Information Systems Department of Information Systems University of Fort Hare University of Fort Hare University of Fort Hare East London, South Africa East London, South Africa East London, South Africa [email protected] [email protected] [email protected] Abstract— Instances of fraudulent acts are often headline news in Paton states that in South Africa “it has been estimated the popular press in South Africa. Increasingly these press unofficially that R30-billion per year, 20% of the overall reports point to the government tender process as being the main government procurement budget of R150-billion, is being lost enabler used by the perpetrators committing the fraud. The or is disappearing into a black hole of corruption” [2]. The cause of the tender fraud problem is a confidentiality breach of root cause of these losses is a conflict of interest in the tender information. This is accomplished, in part, by compromising the process, which results in inflated costs associated with tenders tender information contained in the government information and tender fulfillment by unsuitable service providers [2]. system. This results in the biased award of a tender. Typically the Paton cites Hofmeyr, the head of the Special Investigating Unit information in the tender process should be used to make (SIU) that there has been an increase in state supply chain decisions about a tender’s specifications, solicitation, evaluation corruption [2], even though corruption has been highlighted as and adjudication.
    [Show full text]
  • China‟S Two Economies
    China‟s Two Economies Contributing Analysts Uwe Parpart David Goldman Steve Wang Victor Kwan +852 2843 1474 +852 5328 3360 +852 2843 1464 +852 2843 1480 [email protected] [email protected] [email protected] [email protected] CHINA‟S STORY 2 CHINA‟S STORY IS CREATIVE DESTRUCTION – THE DESTRUCTION OF ONE CHINA AND THE CONSTRUCTION OF ANOTHER • Mao leveled the old imperial culture and empowered the peasants • Deng destroyed the countryside through mass migration and the One Child Policy, in favor of an urban smokestack, export economy • Xi‟s new government is tearing down large parts of the old smokestack economy and building a tech-based, consumption-oriented economy • Any snapshot of the Chinese economy captures two different things: the destruction of the old and building of the new • Aggregate GDP data don‟t capture the transformations now in progress • We drill down into the details to assemble a portrait of the emerging China 3 CHINA‟S TRANSFORMATION CHINA‟S CURRENT ECONOMIC GROWTH REMAINS 4 ROBUST Import data are a good cross-check on China‟s GDP. Iron ore imports jumped in Q4 2013 and maintained this level during 2014. Crude oil imports in the 1Q totaled 74.72 Mt, +8.3% from 1Q 2013, in-line with the pace of economic expansion Mn Tonnes Mn Tonnes 100.00 30.00 23.52 90.00 73.96 25.00 80.00 70.00 20.00 60.00 50.00 15.00 40.00 10.00 30.00 20.00 5.00 10.00 0.00 0.00 Imports of Iron Ore Source: Customs Imports of Crude Oil Source: Customs BUT GROWTH IS SHIFTING AWAY FROM 5 PROCESSING EXPORTS BASED ON CHEAP LABOR Academics, analysts and noted short sellers have repeatedly forecast the coming collapse of the Chinese economy.
    [Show full text]
  • UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT of NEW YORK ------X in Re: : : AMPAL-AMERICAN ISRAEL CORP., : Chapter 7 : Case No
    UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK -------------------------------------------------------X In re: : : AMPAL-AMERICAN ISRAEL CORP., : Chapter 7 : Case No. 12-13689 (SMB) Debtor. : -------------------------------------------------------X FINDINGS OF FACT AND CONCLUSIONS OF LAW GRANTING TRUSTEE’S MOTION TO RETAIN TARTER KRINSKY & DROGIN LLP AS COUNSEL AND DENYING CROSS-MOTION TO DISQUALIFY THE TRUSTEE A P P E A R A N C E S: TARTER KRINSKY & DROGIN LLP Proposed Substitute Counsel to the Chapter 7 Trustee 1350 Broadway New York, NY 10018 Alex Spizz, Esq. Arthur Goldstein, Esq. Jill Makower, Esq. Of Counsel KASOWITZ, BENSON, TORRES & FRIEDMAN LLP Counsel for Yosef A. Maiman and Merhav (M.N.F.) Limited 1633 Broadway New York, NY David M. Friedman, Esq. Daniel A. Fliman, Esq. Nii-Amar Amamoo, Esq. Of Counsel COLE SCHOTZ, P.C. Attorneys for Irit Eluz 900 Third Avenue, 16th Floor New York, NY 10022 Michael D. Sirota, Esq. Steven L. Klepper, Esq. Of Counsel STUART M. BERNSTEIN United States Bankruptcy Judge: Alex Spizz, the chapter 7 trustee (the “Trustee”) of Ampal-American Israel Corporation (“Ampal”), has moved to retain the law firm of Tarter Krinsky & Drogin LLP (“Tarter”) as substitute general bankruptcy counsel under 11 U.S.C. § 327(a). The Trustee recently joined Tarter as a partner together with four other lawyers and one paralegal after his previous firm, Spizz Cohen & Serchuk, P.C. (“Spizz Cohen”), which dissolved and closed. Yosef A. Maiman, the chairman and former chief executive officer and president of Ampal together with entities under his ownership or control (collectively, the “Controlling Shareholders”) have objected to Tarter’s retention based on its prior representation of certain parties-in-interest in other matters in this bankruptcy case.
    [Show full text]
  • ADB/OECD Anti-Corruption Initiative for Asia and the Pacific
    ADB/OECD Anti-Corruption Initiative for Asia and the Pacific 5th regional anti-corruption conference Hotel Nikko New Century Beijing Beijing, People’s Republic of China Governments and private sector must do more to fight corruption in Asia-Pacific, finds ADB/OECD anti-corruption conference in Beijing BEIJING, THE PEOPLE’S REPUBLIC OF CHINA (30 September 2005) – Asia and Pacific governments and businesses need to tackle corruption more aggressively to reduce growing social inequality and sustain economic growth. That was the message of the 5th Regional Asian Development Bank (ADB)/Organisation for Economic Co- operation and Development (OECD) Anti-Corruption Conference for Asia and the Pacific, hosted by the People’s Republic of China (PRC) this week. Richard Hecklinger, OECD Deputy Secretary-General, underlined the success of the conference, especially in enabling participants to openly share experiences and challenges: “Government commitment to fighting corruption in the region has improved over the past two years and reforms are underway but much more still needs to be done.” The conference was convened in Beijing from 28-30 September 2005. Mr. Wu Guanzheng, member of the Standing Committee of the Political Bureau of the CPC Central Committee and Chairman of the CPC Central Commission for Discipline Inspection, met with the representatives of the delegations. Mr. He Yong, Secretary of the Secretariat of the CPC Central Committee and Vice Chairman of the CPC Central Commission for Discipline Inspection, Mr. Hua Jianmin, State Councilor and Secretary General of the State Council, and Mr. Jia Chunwang, Chief Procurator of the Supreme People’s Procuratorate presided over the opening ceremony.
    [Show full text]