Chinese authorities seized assets worth 14 billion dollar from Zhou Yongkang
Chinese authorities on seized assets worth 14.5 billion dollar from family members of retired domestic security Chief Zhou Yongkang.
Chinese authorities on 31 March 2014 seized assets worth at least 14.5 billion dollar from family members and associates of retired domestic security Chief Zhou Yongkang. Zhou has been under virtual house arrest since authorities began formally investigating him in 2013.
Investigators had frozen bank accounts with deposits totalling 5.9 billion dollar and seized domestic and overseas bonds with a combined value of 8.2 billion dollar after raiding homes in Beijing, Shanghai and five provinces.
Investigators had also confiscated about 300 apartments and villas worth around 274 million dollar, antiques and contemporary paintings with a market value of 161 million dollar and more than 60 vehicles. Other items seized included expensive liquor, gold, silver and cash in local and foreign currencies.
President Xi ordered a task force formed in November 2013 to look into accusations against Zhou.
More than 300 relatives of Zhou, political allies, proteges and staff have also been taken into custody or questioned from December 2013.
The sheer size of the asset seizures and the scale of the investigations into the people around Zhou make the probe unprecedented in modern China.
Zhou rose through the ranks of China's oil and gas sector before joining the elite Politburo Standing Committee in 2007, where as domestic security chief his budget exceeded defence spending. He retired in 2012 and was last seen at an alumni event at the China University of Petroleum on 1 October 2013.
He is the most senior Chinese politician to be ensnared in a corruption investigation since the Communist Party swept to power in 1949.