A former Chinese official, whose party membership has recently been revoked, has made headlines after being found with $2.3 million in cash weighing 3 tons. This amounts to hundreds of millions of won, and investigators believe this official has amassed wealth improperly by exploiting his past role in overseeing initial public offerings (IPOs) for corporations.
According to local media such as Caixin on the 21st, authorities revoked the party membership of Yang Zhaohong, former director of the issuance supervision department of the China Securities Regulatory Commission, following an inspection carried out with the approval of the Central Commission for Discipline Inspection of the Communist Party of China.
It has been reported that hundreds of millions of won in cash were found at his home. The cash alone weighed 3 tons, and investigators concluded that he, a mid-level official, had amassed substantial wealth through improper means.
According to reports, Yang Zhaohong joined the China Securities Regulatory Commission in 1998 and was responsible for overseeing IPOs for the ChiNext, often referred to as the Chinese version of NASDAQ. It is said that his words could sway a corporation's listing. However, after resigning in 2016 due to personal reasons, he allegedly used his former position to purchase unlisted stocks of companies preparing for IPOs, reaping significant profits.
This incident is being referred to as one of the 'largest ever' cases of corruption among officials in China, with internet users nicknaming him 'Minister 3 tons' in reference to the weight of the seized cash.