Former fugitive banker pleads guilty to crimes

Xu Chaofan, one of China's most wanted fugitives who hid overseas for 17 years, pleaded guilty on Thursday to embezzlement and misappropriating public funds, the Jiangmen Intermediate People's Court in Guangdong province said.

In collusion with two others, Xu, former head of the Kaiping branch of Bank of China in Guangdong, had embezzled $622 million and HK$129 million ($16.6 million), beginning in 1993, the court said in a statement.

He also misappropriated 356 million yuan ($55.2 million), HK$20 million and $124 million in public funds, it added.

Xu, now in his late 50s, fled to the United States in 2001 and was repatriated from the US in July 2018 thanks to anti-corruption law enforcement cooperation between China and the US.

Two billion yuan was recovered upon his repatriation.

Xu was the first fugitive repatriated from abroad following the establishment of the National Supervisory Commission in March 2018, the Communist Party of China's Central Commission for Discipline Inspection said.

Xu pleaded guilty in court. His sentence will be announced later.

More than 20 people, including members of Xu's family, deputies to the National People's Congress, political advisers and journalists, attended the hearing.

Xu was named one of the 100 most wanted Chinese graft fugitives subject to Interpol Red Notices in a list released in April 2015.

Sixty had been repatriated by early last year.