A billboard on the verge of a country lane that glides through the wheat fields of North West Frontier province offers a hopeful vision of the future – a modern, two-storey residence advertising a smart new housing scheme. But the field behind the billboard presents a darker but truer picture of what this corner of Pakistan has become: the overflow of a battle zone.
Instead of smart new houses, the building site is filled with rows of newly pitched tents where desperate, dispossessed people, full of tales of civilian casualties and abuses at the hands of black-turbaned Taliban fighters, have come to seek refuge.
Among them is Imran Khan, a 24-year-old textile worker who fled the Swat valley two days ago after a stray army shell landed near their house, injuring several relatives. "Windows, doors, everything, was blown in," he says.
Abandoning the modest possessions they hold dear – cattle, crockery and clothes – the family stumbled through the fields on foot, dodging Taliban checkposts and a government curfew, before reaching a bus that carried them to safety. Now they are looking for a new home amid the rows of green UN tents, which are already turning into mini-ovens under the morning sun. Behind him a clutch of burka-clad women squat under an awning; a few dare to lift the veil to fan their faces.
Helicopter gunfire
Fear has followed them from Swat. Asked if he favours the army drive against the Taliban, Khan glances over his shoulder as he mumbles a few words. Sympathisers of the militants are everywhere, a neighbour whispers. Moments later a helicopter buzzes overhead and a crowd of men follow its progress with craned necks. Many people have died under helicopter gunship fire, they say.
The camp, Sheikh Shehzad, is on the edge of Mardan, a garrison city once famous for its soldiers and its sweets. Now it is the hub of a refugee crisis and has acquired a buzzing, edgy air.
From here, trucks filled with troops, and heavy loaders bearing tanks, leave the headquarters of the Punjab Regiment and trundle up the mountains towards the districts of Buner, Dir and Swat, where battle is raging. In the opposite direction, down the slope, comes a flood of humanity thrown up by a growing military confrontation that is quickly consuming the province.
Yesterday army jet fighters attacked Taliban positions around Mingora, where the army claimed to have killed another 80 militants. The Taliban, dug into rooftop positions around the town, are fighting back hard.
With the prime minister, Yousaf Raza Gilani, announcing a major military ground offensive last night, thousands more residents took advantage of a lull in the curfew to head towards Mardan. Some bypassed the city and headed toward a recently completed motorway linking North West Frontier province with Lahore in the south. Supposed to herald an economic revival for a neglected province, the smooth road has become a six-lane escape route.
But most stay around Mardan, where the figures are staggering. The provincial government estimates that 500,000 people will flee Swat, which, added to the 550,000 people already displaced by two years of fighting across the tribal belt and Frontier province, makes the region home to the world's second largest displacement crisis after Darfur.
"We are ringing the big alarm bell," says the UNHCR's Killian Kleinschmidt. The refugee agency's provisions for funding and supplies had been "exploded" by the new fighting, he says. "The international community needs to realise this is becoming one of the major displacement crises in the world. The needs will be enormous, so we need to plan. We need money now for what's going to happen through the summer."
The strain is already showing at the Mardan TB hospital, a colonial-era facility built by a Danish missionary in 1907, that is now home to one of 12 registration centres. Hundreds of men crush against the windows of a long room, shoving their identity cards through small gaps in a mesh wall, towards a row of local officials trying to note their details.
As the day wears on tempers soar, and at lunchtime about 30 villagers break through a side door, brushing past the undermanned police and swarming towards the desks of the registration officials. "Total chaos," says a man brandishing a walkie-talkie who is monitoring the situation for one of Pakistan's many intelligence agencies.
The deluge of displaced villagers will not necessarily mean sprawling, African-style refugee camps. Pashtuns, famous for their hospitality, have absorbed the brunt of the crisis until now. Just 93,000 of the 550,000 previously displaced live in camps; the remainder are crammed into the homes of friends or relatives.
Strained hospitality
The Swatis, who come from the same Yusufzai sub-tribe as the people of Mardan, are particularly well connected – of the 145,000 people displaced by last year's fighting, just 45 families ended up in tents. "These people are basically our cousins. We don't call them refugees. This is why we haven't faced a great crisis until now," said Javed Hassan, the deputy district officer for Mardan.
But the sheer size of the latest influx is likely to strain even ancient bonds of hospitality. So far 3,000 people from Swat, Dir and Buner have registered in camps, and the numbers are rising fast.
Dilawar Khan was an attendant at the Swat museum until last year, when the Taliban exploded a bomb at its door. "They said that the museum artefacts were un-Islamic," he notes wryly.
Now the Buddhist relics have been shifted to Islamabad and Khan is living in a four-room house with 45 other people. He has now applied for a place in a camp. "It's not nice here," he admits. "We can't live like that for long."
In a plush residential neighbourhood a family of 10 from Buner, which has borne the worst of the fighting till now, is squatting in a half-finished house. Fourteen-year-old Behroz Khan is in a deep slumber, unbothered by a swarm of flies around him – with just a couple of beds, the male family members are forced to sleep in shifts.
"We're hoping this will just be for a couple of months," says his brother, Sher Baz, a labourer who appears dazed by his suddenly changed circumstances. With no bathroom or running water and little food, it isn't easy, he says. But he points to the family's attempt at normality – a plastic jug of flowers beside a builder's wheelbarrow.
Thursday, May 7, 2009
Gordon Brown hit by new cabinet expenses revelations
Downing Street was tonight battling to defend the credibility of a series of cabinet ministers, including the prime minister, after embarrassing details of their parliamentary expenses were leaked.
In yet another blow to Gordon Brown, who has struggled to command the political agenda after the departure of his political aide Damian McBride, the Daily Telegraph tonight published the details of parliamentary expenses claims by 13 cabinet ministers. The expenses, which were due to be published in July, were leaked to the newspaper. A copy of a CD containing the expenses details has been offered in recent months to a series of newspapers for a six figure sum.
None of the ministers named by the Telegraph appears to have broken any rules. But the disclosures will be embarrassing and will fuel criticism that senior members of the government have been keen to maximise their benefits under the discredited system of parliamentary allowances and expenses that the prime minister has pledged to reform.
Among the ministers identified by the Telegraph are:
• The prime minister, who paid his brother Andrew for cleaning costs at their London flats. Receipts submitted by Brown to parliamentary authorities between 2004 and 2006 disclosed that he paid his brother, who is a senior executive at EDF Energy, £6,577 for cleaning services.
A spokesman for Brown said he and his brother had shared a cleaner at their two flats. The brother had paid the cleaner and the prime minister reimbursed his share of the cost.
The spokesman said: "Her contract made clear the allocation of hours of work and payment. Inland Revenue and national insurance receipts show the payments made, but it was easier for her in terms of national insurance arrangements to be paid by one person. There is no question of Andrew Brown doing the cleaning or receiving any financial benefit."
Brown also paid back £153 after the Telegraph pointed out he claimed twice for the same plumber's bill.
• Hazel Blears, the communities secretary, who allegedly claimed money on three different properties in one year alone. She also spent £5,000 on furniture in the space of four months after she bought the third property.
• Jack Straw, the justice secretary, who claimed the full cost of council tax back, even though he received a 50% discount from his local authority.
Straw repaid the money last summer after a high court ruling requiring the receipts to be published.
• Lord Mandelson, who claimed thousands of pounds to repair his constituency home in Hartlepool after announcing his resignation as an MP in 2004.
• David Miliband, who spent hundreds of pounds on gardening at his constituency home.
• Alistair Darling, who changed his official "second home" designation four times in four years.
• Geoff Hoon who switched his second home to allow him to improve his family home in Derbyshire at taxpayers' expense before buying a London home.
• Three ministers – culture secretary Andy Burnham, Europe minister Caroline Flint and Welsh secretary Paul Murphy – who claimed back stamp duty and moving costs on flats they bought, or the freehold on properties they already owned.
• Murphy spent more than £3,000 on a new hot water system for a second home claiming his water was too hot.
The government, which has long feared the release of the expenses of MPs will be particularly damaging to Labour because it has been office for a decade, last night attempted a damage limitation exercise. Harriet Harman, the leader of the House of Commons, appeared on BBC Newsnight to defend the way in which ministers had made claims.
She said: "If people have made claims in good faith under a system that existed at the time then I don't think there is any need for resignations. But there is reason to tighten up the system. That is why we have been making the rules clearer and subjecting them to more audit." Harman added that Brown had taken the lead – in his now notorious YouTube video – to tighten the system of allowances. Amid fears Labour would be damaged when the expenses details were released in July, he announced plans to abolish the £24,006 additional costs allowances, which is used to fund second homes, in favour of a daily allowance.
But his plan had to be shelved after it became clear that most MPs favoured leaving the matter to the standards watchdog, Sir Christopher Kelly. He will now report probably by the end of the year.
Harman said last night that ministers had done nothing wrong. "This is a general system for MPs who have got constituencies outside Westminster," she said. "It covers all parties, all MPs. We have recognised that the rules are not sufficiently clear, that is why over the past year we have been making changes."
Matthew Elliott, chief executive of the TaxPayers' Alliance, said: "There can be no greater proof of the need for urgent reform … Taxpayers will be appalled that the rot in parliament seems to go right to the cabinet and even Downing Street."
There was no mention of Jacqui Smith, the home secretary. She faced severe embarrassment when details of her expenses, leaked to the Sunday Express, showed she had claimed for porn movies at her constituency home. Her husband watched the films while she was away.
courtsey...the guardian uk
In yet another blow to Gordon Brown, who has struggled to command the political agenda after the departure of his political aide Damian McBride, the Daily Telegraph tonight published the details of parliamentary expenses claims by 13 cabinet ministers. The expenses, which were due to be published in July, were leaked to the newspaper. A copy of a CD containing the expenses details has been offered in recent months to a series of newspapers for a six figure sum.
None of the ministers named by the Telegraph appears to have broken any rules. But the disclosures will be embarrassing and will fuel criticism that senior members of the government have been keen to maximise their benefits under the discredited system of parliamentary allowances and expenses that the prime minister has pledged to reform.
Among the ministers identified by the Telegraph are:
• The prime minister, who paid his brother Andrew for cleaning costs at their London flats. Receipts submitted by Brown to parliamentary authorities between 2004 and 2006 disclosed that he paid his brother, who is a senior executive at EDF Energy, £6,577 for cleaning services.
A spokesman for Brown said he and his brother had shared a cleaner at their two flats. The brother had paid the cleaner and the prime minister reimbursed his share of the cost.
The spokesman said: "Her contract made clear the allocation of hours of work and payment. Inland Revenue and national insurance receipts show the payments made, but it was easier for her in terms of national insurance arrangements to be paid by one person. There is no question of Andrew Brown doing the cleaning or receiving any financial benefit."
Brown also paid back £153 after the Telegraph pointed out he claimed twice for the same plumber's bill.
• Hazel Blears, the communities secretary, who allegedly claimed money on three different properties in one year alone. She also spent £5,000 on furniture in the space of four months after she bought the third property.
• Jack Straw, the justice secretary, who claimed the full cost of council tax back, even though he received a 50% discount from his local authority.
Straw repaid the money last summer after a high court ruling requiring the receipts to be published.
• Lord Mandelson, who claimed thousands of pounds to repair his constituency home in Hartlepool after announcing his resignation as an MP in 2004.
• David Miliband, who spent hundreds of pounds on gardening at his constituency home.
• Alistair Darling, who changed his official "second home" designation four times in four years.
• Geoff Hoon who switched his second home to allow him to improve his family home in Derbyshire at taxpayers' expense before buying a London home.
• Three ministers – culture secretary Andy Burnham, Europe minister Caroline Flint and Welsh secretary Paul Murphy – who claimed back stamp duty and moving costs on flats they bought, or the freehold on properties they already owned.
• Murphy spent more than £3,000 on a new hot water system for a second home claiming his water was too hot.
The government, which has long feared the release of the expenses of MPs will be particularly damaging to Labour because it has been office for a decade, last night attempted a damage limitation exercise. Harriet Harman, the leader of the House of Commons, appeared on BBC Newsnight to defend the way in which ministers had made claims.
She said: "If people have made claims in good faith under a system that existed at the time then I don't think there is any need for resignations. But there is reason to tighten up the system. That is why we have been making the rules clearer and subjecting them to more audit." Harman added that Brown had taken the lead – in his now notorious YouTube video – to tighten the system of allowances. Amid fears Labour would be damaged when the expenses details were released in July, he announced plans to abolish the £24,006 additional costs allowances, which is used to fund second homes, in favour of a daily allowance.
But his plan had to be shelved after it became clear that most MPs favoured leaving the matter to the standards watchdog, Sir Christopher Kelly. He will now report probably by the end of the year.
Harman said last night that ministers had done nothing wrong. "This is a general system for MPs who have got constituencies outside Westminster," she said. "It covers all parties, all MPs. We have recognised that the rules are not sufficiently clear, that is why over the past year we have been making changes."
Matthew Elliott, chief executive of the TaxPayers' Alliance, said: "There can be no greater proof of the need for urgent reform … Taxpayers will be appalled that the rot in parliament seems to go right to the cabinet and even Downing Street."
There was no mention of Jacqui Smith, the home secretary. She faced severe embarrassment when details of her expenses, leaked to the Sunday Express, showed she had claimed for porn movies at her constituency home. Her husband watched the films while she was away.
courtsey...the guardian uk
Asia 'must cut export dependency'
Asian governments must cut reliance on export-driven growth and spend more to cut poverty, Asian Development Bank (ADB) finance officials have said.
Countries must restructure to focus on domestic demand as they grapple with economic chaos, the banks' annual meeting in Indonesia was told.
Asian economies are slumping as demand for their products falls during the worst global slump since World War II.
The downturn is set to keep tens of millions of people trapped in poverty.
Also at the meeting, Japan, said it would make 6 trillion yen ($40.1bn; $60.5bn) available for currency swaps - giving nations with weaker currencies access to yen in a funding crisis.
And finance ministers from south east Asia along with Japan, China and South Korea, agreed to set up a $120bn (£80.5bn) pool of emergency funds.
'Greater resilience'
Asia's main export markets had experienced a "massive contraction in demand" since the implosion of the US mortgage market triggered the global banking crisis last year, ADB President Haruhiko Kuroda told a seminar at the meeting.
He said the knock-on effects had been interest rates on bonds rising and Asian currencies depreciating as foreign capital was taken out of emerging markets.
Economic stimulus packages produced by the likes of China and Japan to boost their economies would not be sufficient in the long-term he added.
"Over the longer term, developing Asia is starting the process of rebalancing growth from excessive dependence on external demand to greater resilience on both consumption and investment," he said.
"Already there are signs that domestic consumption is remaining strong in Asia and may well lead the way out of this downturn."
The ADB is predicting growth of 3.4% in Asia for 2009 compared with more than 9% in 2007.
Poverty warning
Chinese and Indian finance officials were among those backing Mr Kuroda's calls for efforts to stimulate domestic consumption.
Greater spending on infrastructure and education were needed, they said, as well as social safety nets to give Asian consumers, especially the poor, the confidence to spend.
The ADB's main role is lending to alleviate poverty in developing Asian nations.
But it estimates that the economic crisis has kept about 60 million Asian people in severe poverty, who, in less uncertain global economic times, would have been able to improve their standards of living.
Countries must restructure to focus on domestic demand as they grapple with economic chaos, the banks' annual meeting in Indonesia was told.
Asian economies are slumping as demand for their products falls during the worst global slump since World War II.
The downturn is set to keep tens of millions of people trapped in poverty.
Also at the meeting, Japan, said it would make 6 trillion yen ($40.1bn; $60.5bn) available for currency swaps - giving nations with weaker currencies access to yen in a funding crisis.
And finance ministers from south east Asia along with Japan, China and South Korea, agreed to set up a $120bn (£80.5bn) pool of emergency funds.
'Greater resilience'
Asia's main export markets had experienced a "massive contraction in demand" since the implosion of the US mortgage market triggered the global banking crisis last year, ADB President Haruhiko Kuroda told a seminar at the meeting.
He said the knock-on effects had been interest rates on bonds rising and Asian currencies depreciating as foreign capital was taken out of emerging markets.
Economic stimulus packages produced by the likes of China and Japan to boost their economies would not be sufficient in the long-term he added.
"Over the longer term, developing Asia is starting the process of rebalancing growth from excessive dependence on external demand to greater resilience on both consumption and investment," he said.
"Already there are signs that domestic consumption is remaining strong in Asia and may well lead the way out of this downturn."
The ADB is predicting growth of 3.4% in Asia for 2009 compared with more than 9% in 2007.
Poverty warning
Chinese and Indian finance officials were among those backing Mr Kuroda's calls for efforts to stimulate domestic consumption.
Greater spending on infrastructure and education were needed, they said, as well as social safety nets to give Asian consumers, especially the poor, the confidence to spend.
The ADB's main role is lending to alleviate poverty in developing Asian nations.
But it estimates that the economic crisis has kept about 60 million Asian people in severe poverty, who, in less uncertain global economic times, would have been able to improve their standards of living.
Ten US banks fail 'stress tests'
Ten of America's largest 19 banks need a combined $74.6bn (£50bn) of extra funds to boost their cash reserves.
That is the main finding of the so-called "stress tests" to see if the banks have sufficient capital to cope should the recession worsen.
Bank of America is the most at risk, needing an additional $33.9bn.
"Our hope with today's actions is that banks are going to be able to get back to the business of banking," said US Treasury Secretary Timothy Geithner.
Geithner: 'Back to business of banking'
Other banks that need more money include Wells Fargo, which is said to require $13.7bn, and GMAC, the financial arm of General Motors, which needs $11.5bn.
Citigroup requires an additional $5.5bn of funds, and Morgan Stanley has been told to find $1.8bn.
Some of the banks have already indicated how they intend to raise the money they need by private means such as asset sales, rather than having to secure any additional government loans.
'No surprises'
The 19 banks that were tested by Treasury Department and Federal Reserve officials account for two-thirds of the total assets of the US banking system, and more than half of the total amount of credit in the US economy.
THE 10 THAT NEED MORE CAPITAL
Bank of America - $33.9bn
Wells Fargo - $13.7bn
GMAC - $11.5bn
Citigroup - $5.5bn
Morgan Stanley - $1.8bn
Regions Financial - $2.5bn
SunTrust Banks - $2.2bn
KeyCorp - $1.8bn
Fifth Third Bancorp - $1.1bn
PNC Financial Services - $600m
The banks that require extra capital have been given until 8 June to finalise their plans to do so, and get them approved by regulators.
Mr Geithner said earlier on Thursday that no US bank being screened by regulators was at risk of insolvency, comments echoed by Federal Reserve Chairman Ben Bernanke.
The treasury secretary said he believed that while the majority of the banks would be able to raise any additional money they need from private sources, if they were unable to do so the government may have to provide them with more taxpayer money.
Analysts broadly welcomed the results of the stress tests.
"It seems to be that the leaks were very accurate, so there doesn't seem to be any major surprises," said Eric Kuby of North Star Investment Management.
"The fears of nationalisation or of failure have more or less disappeared."
Asset sale
The other five banks that have been told they require additional capital are Regions Financial ($2.5bn), SunTrust Banks ($2.2bn), KeyCorp ($1.8bn), Fifth Third Bancorp ($1.1bn), and PNC Financial Services ($600m).
Have the tests passed the test?
Those that do not require extra funds are Goldman Sachs, JPMorgan Chase, Bank of New York Mellon, MetLife, American Express, State Street, BB&T, US Bancorp and Capital One Financial.
Some of the banks that need extra funds have been quick to announce how they intend to do so.
Bank of America said it would raise the $33.9bn it needs through the sale of assets and other measures, while Citigroup, Morgan Stanley and Wells Fargo are to issue or exchange shares.
Citigroup chief executive Vikram Pandit said his bank's actions would "give it the financial strength to weather an adverse stress scenario".
Criticism
Some commentators have questioned whether the tests have been strict enough.
WHAT WERE THE STRESS TESTS?
They measured the health of the 19 banks in question
The aim was to find out which might require more cash reserves in the event of the economic outlook worsening
Professor Nouriel Roubini and Professor Matthew Richardson of New York University said that the doomsday scenario that the banks' books have been subjected to is actually no worse than the current economic situation.
And as such, they said "the stress test results will not be credibly interpreted as a sign of of bank health".
Others say that the tests do not take account of the banks' varying business models.
That is the main finding of the so-called "stress tests" to see if the banks have sufficient capital to cope should the recession worsen.
Bank of America is the most at risk, needing an additional $33.9bn.
"Our hope with today's actions is that banks are going to be able to get back to the business of banking," said US Treasury Secretary Timothy Geithner.
Geithner: 'Back to business of banking'
Other banks that need more money include Wells Fargo, which is said to require $13.7bn, and GMAC, the financial arm of General Motors, which needs $11.5bn.
Citigroup requires an additional $5.5bn of funds, and Morgan Stanley has been told to find $1.8bn.
Some of the banks have already indicated how they intend to raise the money they need by private means such as asset sales, rather than having to secure any additional government loans.
'No surprises'
The 19 banks that were tested by Treasury Department and Federal Reserve officials account for two-thirds of the total assets of the US banking system, and more than half of the total amount of credit in the US economy.
THE 10 THAT NEED MORE CAPITAL
Bank of America - $33.9bn
Wells Fargo - $13.7bn
GMAC - $11.5bn
Citigroup - $5.5bn
Morgan Stanley - $1.8bn
Regions Financial - $2.5bn
SunTrust Banks - $2.2bn
KeyCorp - $1.8bn
Fifth Third Bancorp - $1.1bn
PNC Financial Services - $600m
The banks that require extra capital have been given until 8 June to finalise their plans to do so, and get them approved by regulators.
Mr Geithner said earlier on Thursday that no US bank being screened by regulators was at risk of insolvency, comments echoed by Federal Reserve Chairman Ben Bernanke.
The treasury secretary said he believed that while the majority of the banks would be able to raise any additional money they need from private sources, if they were unable to do so the government may have to provide them with more taxpayer money.
Analysts broadly welcomed the results of the stress tests.
"It seems to be that the leaks were very accurate, so there doesn't seem to be any major surprises," said Eric Kuby of North Star Investment Management.
"The fears of nationalisation or of failure have more or less disappeared."
Asset sale
The other five banks that have been told they require additional capital are Regions Financial ($2.5bn), SunTrust Banks ($2.2bn), KeyCorp ($1.8bn), Fifth Third Bancorp ($1.1bn), and PNC Financial Services ($600m).
Have the tests passed the test?
Those that do not require extra funds are Goldman Sachs, JPMorgan Chase, Bank of New York Mellon, MetLife, American Express, State Street, BB&T, US Bancorp and Capital One Financial.
Some of the banks that need extra funds have been quick to announce how they intend to do so.
Bank of America said it would raise the $33.9bn it needs through the sale of assets and other measures, while Citigroup, Morgan Stanley and Wells Fargo are to issue or exchange shares.
Citigroup chief executive Vikram Pandit said his bank's actions would "give it the financial strength to weather an adverse stress scenario".
Criticism
Some commentators have questioned whether the tests have been strict enough.
WHAT WERE THE STRESS TESTS?
They measured the health of the 19 banks in question
The aim was to find out which might require more cash reserves in the event of the economic outlook worsening
Professor Nouriel Roubini and Professor Matthew Richardson of New York University said that the doomsday scenario that the banks' books have been subjected to is actually no worse than the current economic situation.
And as such, they said "the stress test results will not be credibly interpreted as a sign of of bank health".
Others say that the tests do not take account of the banks' varying business models.
Wednesday, May 6, 2009
Bank of China managers jailed in US for $485m fraud
Two former Bank of China managers and their wives were handed lengthy jail terms on Wednesday for their roles in a 485-million-dollar fraud ,us justice authorities said.
The two men, Xu Chaofan and Xu Guojun, were convicted by a federal jury in Las Vegas last August of masterminding an elaborate plot that saw them attempt to embezzle hundreds of millions of dollars.
Xu Chaofan was sentenced to 25 years in prison while Xu Guojun was handed a 22-year jail term. Both wives of the men received eight years in prison each and all four were ordered to pay 482 million dollars in restitution.
A third bank manager, Yu Zhendong, had pleaded guilty and cooperated with US government prosecutors trying the case.
During last year's trial, jurors heard how the managers laundered stolen millions through a network of accounts in Hong Kong, Canada and the United States, where they had planned to immigrate.
All five defendants were charged with a criminal conspiracy that began in 1991 and continued until October 2004 when the former bank managers and their wives were arrested.
The court heard how the former bank managers created a series of shell corporations in Hong Kong which were used to funnel the cash into personal bank and investment accounts.
Some of the money ended up on gaming tables at Las Vegas casinos, where the accused would frequently lay lavish bets of up to 80,000 dollars
The two men, Xu Chaofan and Xu Guojun, were convicted by a federal jury in Las Vegas last August of masterminding an elaborate plot that saw them attempt to embezzle hundreds of millions of dollars.
Xu Chaofan was sentenced to 25 years in prison while Xu Guojun was handed a 22-year jail term. Both wives of the men received eight years in prison each and all four were ordered to pay 482 million dollars in restitution.
A third bank manager, Yu Zhendong, had pleaded guilty and cooperated with US government prosecutors trying the case.
During last year's trial, jurors heard how the managers laundered stolen millions through a network of accounts in Hong Kong, Canada and the United States, where they had planned to immigrate.
All five defendants were charged with a criminal conspiracy that began in 1991 and continued until October 2004 when the former bank managers and their wives were arrested.
The court heard how the former bank managers created a series of shell corporations in Hong Kong which were used to funnel the cash into personal bank and investment accounts.
Some of the money ended up on gaming tables at Las Vegas casinos, where the accused would frequently lay lavish bets of up to 80,000 dollars
Airlines told to cite total payable fare
The asterisk on airline fare ads that could translate into many thousands payable over and above the low-sounding basic fares is set to
go.
Director general of civil aviation Nasim Zaidi has given all airlines, domestic and international, 30 days to correct their websites, systems and travel agent database so that passengers get a single all-inclusive figure of the total amount payable.
"Where the director-general is satisfied that any air transport undertaking has established excessive or predatory tariff or has indulged in oligopolistic practice, he may, by order, issue directions to such air transport undertaking," the circular says.
The new directive also states that the DGCA will keep a watch on fare levels to check overcharging and to see if certain airlines have ganged up to influence fares.
While the warning to domestic airlines for a single all-inclusive fare was issued some months back, Nasim Zaidi has now brought foreign carriers into the ambit. The timeframe of 30 days has also been communicated to all airlines.
"This rule applies to both Indian and foreign carriers. They have been given 30 days to change their systems, websites. Once this time period expires, we'll be asking them for a compliance report. Passengers must get the correct information and not be misled," Zaidi said.
The DGCA circular says airlines must clearly state the all-inclusive fares on their websites, newspapers, office and with the travel agents.
go.
Director general of civil aviation Nasim Zaidi has given all airlines, domestic and international, 30 days to correct their websites, systems and travel agent database so that passengers get a single all-inclusive figure of the total amount payable.
"Where the director-general is satisfied that any air transport undertaking has established excessive or predatory tariff or has indulged in oligopolistic practice, he may, by order, issue directions to such air transport undertaking," the circular says.
The new directive also states that the DGCA will keep a watch on fare levels to check overcharging and to see if certain airlines have ganged up to influence fares.
While the warning to domestic airlines for a single all-inclusive fare was issued some months back, Nasim Zaidi has now brought foreign carriers into the ambit. The timeframe of 30 days has also been communicated to all airlines.
"This rule applies to both Indian and foreign carriers. They have been given 30 days to change their systems, websites. Once this time period expires, we'll be asking them for a compliance report. Passengers must get the correct information and not be misled," Zaidi said.
The DGCA circular says airlines must clearly state the all-inclusive fares on their websites, newspapers, office and with the travel agents.
It's change vs change in West Bengal
and the Trinamool are both seeking change. But there's a twist. The Left wants Bengal to be the catalyst for a regime change at the Centre. And for that, the Left needs to repeat 2004 in Bengal -35 out of the 42 seats in Bengal.
"We have to bring about a change - a change in government policies," Politburo Member, CPI(M), Brinda Karat is heard saying in a public meeting.
"The slogan of the people is parivartan," says Dinesh Trivedi, Trinamool Candidate, in Barrackpore.
But the Opposition is viewing these elections as an opportunity to end the three decade-old dominance of the Left. The alliance between Trinamool and Congress is confident of securing 16 to 18 seats in these elections.
"The change is happening from the grass roots - from the Panchayat levels we have won the Nandigram bypolls, we have won Bishnupur bypolls, where they have won for 32 years," says Dinesh Trivedi.
Post-Nandigram and Singur, the Trinamool has done well at the Panchayat polls and assembly bypolls. Now, the Opposition is pitching these elections as a vote on the performance of the Buddhadeb Bhattacharjee government.
"The battle for Bengal will be in 2011 but the Trinamool and the Congress is bringing it in 2009," puts forth Brinda Karat.
But one thing is clear. Results of these elections will certainly redefine Left's role - both in national politics as well in the state
"We have to bring about a change - a change in government policies," Politburo Member, CPI(M), Brinda Karat is heard saying in a public meeting.
"The slogan of the people is parivartan," says Dinesh Trivedi, Trinamool Candidate, in Barrackpore.
But the Opposition is viewing these elections as an opportunity to end the three decade-old dominance of the Left. The alliance between Trinamool and Congress is confident of securing 16 to 18 seats in these elections.
"The change is happening from the grass roots - from the Panchayat levels we have won the Nandigram bypolls, we have won Bishnupur bypolls, where they have won for 32 years," says Dinesh Trivedi.
Post-Nandigram and Singur, the Trinamool has done well at the Panchayat polls and assembly bypolls. Now, the Opposition is pitching these elections as a vote on the performance of the Buddhadeb Bhattacharjee government.
"The battle for Bengal will be in 2011 but the Trinamool and the Congress is bringing it in 2009," puts forth Brinda Karat.
But one thing is clear. Results of these elections will certainly redefine Left's role - both in national politics as well in the state
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