the state-run Xinhua news agency saida government audit report shows embezzlers made off with 187 million yuan, or roughly $28.5 million, from just the Beijing-to-Shanghai portion of the high-speed railway project–a revelation
Reports from February, when the scandal first hit local media, acknowledged that the Ministry of Railways was under a heavy debt burden. Indeed, under Mr. Liu’s tenure the ministry had racked up 1.3 trillion yuan in debt, with 854.8 billion yuan in short term debt and 448.6 billion yuan in long-term debt, in 2009 according to a report by the Global Times.
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