Too Much Cash to Stash

Imagine hiding US$31 million worth of cash in your home... where to put it?

Here's some jaw-dropping news -- a corrupt Chinese official was handed a suspended death sentence earlier this week after he was convicted of taking bribes from more than 200 companies worth US$31 million worth of cash.

The money was found in a sparsely furnished apartment in Beijing owned by Wei Pengyuan, a former deputy director in the coal department of the National Development and Reform Commission, China's economic planning agency.

Wei Pengyuan received bribes while working at the NDRC

The 210 million yuan is the largest amount prosecutors have retrieved in cash from a corrupt official in a single operation since 1949, according to state media.

CCTV broadcast a news story showing how Wei was thought to be a modest official who cycled to work. But then it turned out he owned a black Audi (like every other Chinese official) and he would park it near the office and keep the folding bicycle in the trunk of the car.

The authorities raided his apartment, and only when they lifted the mattress of the bed did they find boxes and boxes, and suitcases full of 100 yuan notes bundled in bricks. There were also denominations in US dollars Hong Kong dollars, British pounds and Euros.

Apparently the cash had been sitting there for two years untouched after they were taken out of the bank.

He put the cash in suitcases, bags and boxes under his bed

The report added it took 14 hours for staff to count all the money, and four of the 16 counting machines broke down. News stories always like to add that these counting machines malfunctioned, or perhaps it was because they were made in China?

Wei managed to get all these bribes from conducting coal project reviews and bidding, and also helped others sell equipment illegally between 2000 and 2014, state media reported. He definitely didn't waste time trying to amass as much as he could.

Unfortunately the report doesn't say exactly how Wei was caught in the end, but for an NDRC official to cycle to work seems strange unless he really did live nearby.

If Wei's stash had all been in 100 yuan notes, it would have been over 2 million bills! That is so much cash taken out of circulation... wonder if the hoarding of so much cash by corrupt officials has contributed to China's economic slowdown...

Bagging Another Tiger

Mountains of cash, gems, jade and antiques were found in Xu Caihou's home

Can you imagine what a tonne of cash looks like?

Xu Caihou, a former vice-chairman of the Central Military Commission, was expelled from the Communist Party in late June and his case was handed over to military prosecutors.

And now it has been reported he took tons of bribes in exchange for promotions, so much so there was more than a tonne of cash and precious jade in his basement.

The cash wasn't just yuan, but also US dollars and euros, and there were also lots of precious gems and hundreds of kilograms of expensive jade, as well as rare antiques.

"Case handlers had no option but to call more than 10 military trucks before all the confiscated property piled up like mountains from this former Central Military Commission vice-chairman's house could be taken away," said the report from Phoenix Weekly, a magazine run by Phoenix Television.

The article reported Xu was forced to "bow his head and admit defeat" when confronted with the list of items.

We have to wonder how Xu's stash stacks up compared to Wei Pengyuan, former deputy director of the National Development and Reform Commission's coal department who had 200 million yuan in cash in his flat.

Both are from very powerful departments in government.

While the amount of cash may be pretty close, it seems like Xu wins hands down for the value of his ill-gotten gains for sure including the gems and jade...

It really makes you wonder -- how may more tigers need to be caught?

Fact of the Day: A Stack of 200M Yuan is Really High

Only a small fraction of the bank notes stashed in Wei Pengyuan's flat...

We'd like to interrupt our daily programming to bring you this interesting factoid:

When you stack 200 million yuan ($32.68 million) in single 100-yuan notes on top of each other, it measures 200 metres high, which is 6 metres taller than Times Square in Causeway Bay.

This came up after investigators found a corrupt coal official had stashed 200 million yuan in local and foreign currency in his home.

Wei Pengyuan was deputy director of the National Development and Reform Commission's coal department and it looks like he may have received a lot of kickbacks.

He bought several flats with his ill-gotten gains and used one of them to store his cash.

How much 200M yuan stacks up against an average-sized man, and a building

"It marks the largest amount of money in cash we have seized from a corrupt official during a single operation since 1949," said Xu Jinhui, an official from the Supreme People's Procuratorate overseeing the handling of graft cases.

Investigators used 16 cash-counting machines, and four of them broke down. Was that due to the overwhelming amount of cash or because the machines were made in China? Or is that not a relevant question to ask?

In any event, the powerful NDRC is responsible for both policy planning and approval for development projects, these officials are highly susceptible to taking a few bribes here and there...

News reports say Wei dressed plainly and even rode an old bicycle to work to avoid bringing attention to himself.

But why didn't Wei flee the country earlier? Or did he think he would never get caught? Or 200 million yuan wasn't enough?

It also makes us wonder how many others have as much or more than Wei stashed somewhere...

Chasing Out Foreign Devils

The coffee shop the Garratts own in Dandong, Liaoning province

It is worrying to see China becoming aggressive again in its stance on foreigners and foreign companies in the country.

Officers from the National Development and Reform Commission raided the Shanghai office of Mercedes-Benz on Monday morning, looking for evidence the German luxury car maker, along with BMW, Audi and Chrysler were engaged in monopoly practices in charging high prices for spare parts and after sales services.

It is believed the NDRC probe is meant to force foreign car makers to slash prices of their vehicles which are selling for three times the price of other markets, like the United States.

But why, if people can afford them? And the cut in prices will affect wages of locals who are in joint ventures building these vehicles. Sounds like shooting oneself in the foot, does it not?

Do the wealthy care what the prices are? As the saying goes, if you have to ask the price, you can't afford it.

And in China, where status symbols reign supreme, the uber rich really want to prove how wealthy they are by what they drive.

Julia and Kevin Garratt are accused of spying in China

The other worry is a Canadian couple who own a coffee shop on the border between China and North Korea. They were detained over allegation of spying, according to Beijing authorities.

Kevin and Julia Garratt are under investigation for "suspected theft of state secrets about China's military and national defense research:, according to a Xinhua report.

The couple are originally from Vancouver and run a coffee house in Dandong, Liaoning province. They have lived in China for about 30 years and are Christian activists. Notice the "t" in "Peter" looks more like a cross...

Their son Peter says the charges are ridiculous, saying the coffee house is popular with expats because of the Western food they serve, while locals like to come here to practice their English.

Peter said he was questioned by police about what his parents did other than run the coffee shop and he replied his mother used to teach English at the university and his father works for North Star Aid, which helps the elderly in North Korea.

He added his parents were not trying to proselytize anyone and that they were obeying the law. Peter has no idea where these accusations of espionage come from and believes his parents will be cleared of the charges.

Does he have any understanding of the Chinese legal system? When they trump up charges like these, they will bend over backwards to find any shred of evidence to prove their accusations.

Just look at infamous web celebrity Guo Meimei.

Guo Meimei showed off inexplicable wealth on weibo

The 23-year-old cause outrage back in 2011 when she claimed to work for a subsidiary of the Red Cross Society of China, and at the same time flaunted pictures of her posing next to luxury sports cars and carrying luxury bags on her weibo account.

Last month she was detained on gambling-related charges and she confessed on television the other day, apologizing for her luxurious lifestyle and damaging the reputation of the charity.

"I like to show off. I have the vain mindset of a little girl," said Guo.

In a CCTV report, Guo admitted to operating a gambling venue in Beijing, and had sex with various men for no less than 100,000 yuan per encounter. Her personal assistant revealed how Guo was a compulsive gambler and would frequent Macau's casinos...

Did she really set up an illegal gambling den in Beijing? She's 23 years old and it seems more probable she made money prostituting her body to pay for her high life than to have the ability to set up an illegal business.

So the Garratts have to be careful -- they may think they are innocent, but not when the Chinese government seems to have an anti-foreigner agenda in mind...