U.S. Hands Over Embezzlement Suspect
From Times Wire Reports
A fugitive banker accused of helping embezzle $485 million from the state-owned Bank of China was returned to Beijing by U.S. authorities under a promise that he wouldn’t be executed.
Yu Zhendong’s hand-over was unusual for the U.S. and China, which have no extradition treaty but are trying to improve law enforcement cooperation.
Yu, 41, is accused of embezzling the money between 1992 and 2001, according to the U.S. Embassy in Beijing. He has pleaded guilty to racketeering charges in federal court.
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