FX.co ★ China's authorities to punish for luxurious banquets  

The Communist Party of China intends to provide tight control of public organizations which spend too much money for corporate parties. Recently, a few workers of the Chinese Railway Administration have been accused of wasting a substantial amount of money on corporate banquets. They had luxurious celebrations for visiting firemen and business-partners, reserved expensive restaurants and luxury suites in hotels. The circular of the CPC Central Commission for Discipline Inspection says the spendthrifts have taken 837 million yuan ($135 million). Also the investigation revealed that some of these officials attached fake bills to the financial reports and fabricated (falsified) the accounting statements in order to hide the embezzlement of money. After detecting the fact of stealing, the CPC Central Commission has decided to punish 8 officials. At the same time, the government has warned 58 workers. One cheater has been convicted. Head of the CPC Central Commission for Discipline Inspection Wang Qishan has pledged that such occasions will be strictly prohibited. Let us remind that this summer a Beijing court has sentenced China's former minister of railways Liu Zhijun to death, with a two-year reprieve, for bribery of 64.4 million yuan.