Chinese official Ma Chaoqun held with $20 million cash, 37 kg gold

BEIJING: A Chinese official in charge of water supply at a sea resort near here was arrested for alleged corruption after currency amounting to $20 million and 37 kilogrammes of gold were found stacked at his home.

Ma Chaoqun, former general manager of a water supply company of Beidaihe in Qinhuangdao City, was suspected of embezzlement after 120 million yuan (about $20 million) and 37 kilogrammes of gold were found at his residence.

He was also found to have 68 real estate certificates scattered in places including Beijing and Qinhuangdao, according to officials. Their value is yet to be ascertained.

The official was being investigated for corruption since August this year, state-run Xinhua news agency reported today.

The cash found in Ma's home could weigh as heavy as 1.38 tonnes, supposing they were all 100-yuan notes. The Chinese currency with the biggest face value is the 100-yuan note.

The 37 kilogrammes of gold, or 1,189.6 ounce, is equal to at least $1.38 million based on today's price. The gold price has dived dramatically since last year.

China started a new round of official conduct inspections in July and 13 teams were sent by the Central Commission for Discipline Inspection (CCDI) to oversee officials in the provincial regions of Guangxi, Shanghai, Qinghai, Tibet, Zhejiang, Hebei, Shaanxi, Heilongjiang, Sichuan and Jiangsu.

Officials with the General Administration of Sport, the Chinese Academy of Sciences and state-owned automaker China FAW Group Corporation were also probed, the report said.

A number of officials have been caught and prosecuted for corruption since the anti-graft campaign launched by Chinese President Xi Jinping after he took over power last year.