US banker admits to China bribe

25 April 2012 Last updated at 22:29 ET

US dollar notesUS authorities have been trying to clamp down on corrupt practises

A former Morgan Stanley executive, Garth Petersen, has pleaded guilty to bribing a Chinese official in exchange for business and personal gain.

US authorities alleged that Mr Petersen paid money to the official to win investments for the bank.

Mr Petersen, who was head of the bank's real estate investments division in China, is also accused of secretly acquiring valuable property in China.

He faces up to five years in prison and a fine of $ 250,000 (£155,000).

"Mr Peterson admitted today that he actively sought to evade Morgan Stanley's internal controls in an effort to enrich himself and a Chinese government official," said Lanny Breuer, Assistant Attorney General.

Morgan Stanley has not been charged in the case.

Read More @ Source

China says it opposes any US arms sales to Taiwan

China on Monday repeated its opposition to arms sales to Taiwan, following a media report that Taipei plans to buy four warships from the United States to modernise its aging fleet.

Taiwan's United Daily News said Sunday that the island was considering buying four Perry-class frigates built in the 1980s which are to be retired by the US navy.

"We oppose US arms sales to Taiwan. Our position is clear-cut and consistent," Chinese foreign ministry spokesman Liu Weimin told a regular news briefing.

China considers Taiwan to be its sovereign territory and has threatened to use military force if the island should move towards independence.

But sabre-rattling by Beijing has eased since President Ma Ying-jeou of the China-friendly Kuomintang party came to power in 2008 on a platform of beefing up trade links and allowing more Chinese tourists to visit.

Ma was re-elected for a second term in January.

Taiwan's defence ministry briefed Ma on the proposed deal during a meeting last month and is prepared to set aside the budget for the purchase next year, the United Daily News said.

If finalised, the deal would increase to 12 the total number of such warships owned by the Taiwanese navy, the daily said.

The United States recognises China rather than Taiwan, but remains a leading arms supplier to the island of 23 million inhabitants, providing a source of continued tension with Beijing.

China last year condemned a US deal valued at $5.85 billion to upgrade Taiwan's fleet of F-16 fighter jets by summoning the US ambassador and warning the move would undermine warming military relations.

Comments

Post a Comment

Popular posts from this blog

Top 10 nude models in China

Image
Nudity in art and nude modeling were introduced into China almost one century ago. When famed Chinese painter Liu Haisu became the first to initiate a figure drawing course at a Shanghai art school in 1917, he immediately triggered public uproar and widespread controversy in regards to nude modeling. Since then, China has become much more open to nude modeling, especially when we think back on the 1928 slashing of a nude model by her father for posing for internationally renowned Chinese photographer Lang Jingshan who took the country's first artistic nude shot . However, even though the Chinese have gotten more at ease with the idea of modeling in the nude since 1928, it still remains quite the controversial career path to take in China. Every time some nude picture appears, the public nudity debate gets stirred up again and sometimes violence may even ensue. Some think that it's shameful and the models just get naked for the so-called sake of art to make easy-money and ...
Keep reading

From waste leather to drug capsules: Toxic gelatin factory exposed in Hebei

Image
The latest item on the toxic food list in China is drug capsules made of industrial gelatin extracted from bleached waste leathers. Such capsules can cause cancer due to high level of chromium resulting from leather tanning processing. As of now, China has banned the sale of 13 drugs and arrested 22 for allegedly making and selling capsules made from discarded leather. Below are pictures from Xue Yang Ming Gelatin Protein Factory in Hengshui, Hebei Pronvice. The factory was reported to sell waste leather gelatin to drug capsule manufacturers in Zhejiang Province. Waste leather, aka, “blue leather” “Blue leathers” soaked for days so that they are “white” and puffed up Soaking plates for waster leather Brewing facilities Warehouse Waste leather stocks Waste water from the factory The head of the factory has already been arrested and workshops shut down China media: Boao and Taiwan China's Li Keqiang has exchanged good wishes with Taiwan's Wu Den-yih Monday's newspapers repo...
Keep reading

China raises rare earth exports

Image
18 May 2012 Last updated at 00:00 ET China said 10,680 tonnes would be added to the quota on top of 10,546 tonnes initially issued China has allowed more companies to export rare earths, increasing the quotas set by the government, after they met environment standards. It has increased rare earth export quotas by 10,680 tonnes, the Ministry of Commerce said Thursday. The announcement brings the total quotas issued so far this year to 21,226 tonnes. Rare earths are a collection of 17 elements used in products from smartphones to hybrid cars. China, the biggest miner of rare earths, capped exports at 30,184 tonnes last year. It said the quotas were designed to conserve resources and protect the environment. Beijing is embroiled in trade disputes with the US, Japan and the European Union over its control of rare earths. However, only about half of last year's quota was used, according to the ministry. China normally allocates rare earth resources in two s...
Keep reading