A former Bank of China manager suspected of involvement in the embezzlement of nearly $500 million 20 years ago has been repatriated from the U.S. bank to the mainland.
Xu Guojun has been repatriated to China, according to a statement from the nation’s anti-corruption watchdog Central Commission for Disciplinary Inspection (CCDI) over the weekend.
Xu was the former head of the Kaiping sub-branch of Bank of China in southern Guandong province.
$485 Million Embezzled
Xu and two other ex-Bank of China managers – Yu Zhendong and Xu Chaofan – formed a trio that was suspected of «embezzling and misappropriating huge amounts of public money», the CCDI said.
The latter two were repatriated in 2004 and 2018, respectively, with over 2 billion yuan ($312 million of stolen money recovered thus far.
In 2009, Xu Chaofan and Xu Guojun were each sentenced to more than 20 years in jail by a Nevada Court over defrauding Bank of China of $485 million.
The two created shell corporations in Hong Kong and funneled money through those companies alongside bank and investment accounts to Canada and the U.S., according to prosecutors at the time.
