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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Australia China India Indonesia Japan Malaysia Philippines Thailand Vietnam China seeks hidden millions in New Zealand: report AFP - 2 hours 7 minutes ago Send IM Story Print WELLINGTON (AFP) - – Chinese authorities are investigating whether millions of dollars embezzled by a former rail company executive have been laundered through New Zealand, a report said Sunday. Liu Guiting, the former head of China's first publicly listed rail company, gained New Zealand residency in 2002 and bought property through companies belonging to his wife and daughter. He was jailed for life in China last year on a raft of charges including misappropriating 100 million yuan (14.6 million US dollars), taking 500,000 yuan in bribes and paying millions more under the table to government officials. But Chinese government documents show the total amount misappropriated is thought to be several hundred million dollars more, the Sunday Star-Times reported. Liu's wife, Yang Limin, and daughter, Jasmine Liu, live in New Zealand and are under investigation for suspected money laundering, according to Chinese justice ministry documents. Yang appeared in the High Court at Auckland on Friday in an ongoing civil case she has brought against Paul Chen, a former business partner she says breached fiduciary duty and misappropriated assets of her companies. Chen is being held in China as a witness against Liu. A Chinese government lawyer sat in on the hearing and confirmed that his government was interested in learning what happened to the stolen rail company money. Up to 13 million dollars may have been invested in New Zealand, the newspaper report said. In court, Yang confirmed her husband had transferred money to New Zealand to buy property but she said she did not know exactly where the money came from. She said that when she first arrived in New Zealand in 2002 she regularly travelled to China to visit her husband but had not returned since his arrest in 2006. An affidavit to the court says that the Chinese justice ministry wished to interview Yang and her daughter "over the evidence which has been uncovered linking them to the movement and control of the missing money". They were "named in evidence as being accomplices involved in receiving misappropriated money as well as being implicated in ... laundering the money out of China and thereafter from country to country and bank account to bank account," the affidavit said. China's President Hu Jintao has warned that graft threatens to undermine the ruling communist party's legitimacy and in recent months has repeatedly called for a continued crackdown on corruption. Recommend Send IM Story Print Related Articles Hunt for clues after India crash kills 158; 8 live AP - 15 minutes ago N. Zealand whale activist fears lengthy jail term AFP - 18 minutes ago Japan leader apologizes over US base on Okinawa AP - 19 minutes ago Malaysia wildlife park under fire over Tiger video AFP - 38 minutes ago Spanish woman climber accepts she's No. 2 in world AP - 40 minutes ago News Search Top Stories Pope, ECB chief slam governments over debt crisis BA strike talks abandoned after protestors storm building Bank of Spain takes over management of another savings bank Skrela guides Toulouse to fourth European Cup crown UK faces aggressive cuts in 'age of austerity' More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Paris museum burglar grabs 120-million-dollar art haul US team creates first 'synthetic life' UK faces aggressive cuts in 'age of austerity' Pope, ECB chief slam governments over debt crisis Euro rescue package clears German parliament More Most Viewed » Scientists stunned as grey whale sighted off Israel Lack of sleep linked to early death: study UN fears 'irreversible' damage to natural environment Earth may be too hot for humans by 2300: study Ocean fish could disappear in 40 years: UN More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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