China seizes $US14.5bn Connected to Retired Security Chief

The Guardian reports on the power struggle at the very top of China’s ruling class that is revealing the extent that art plays in the country’s culture of enrichment. Zhou Yongkang is the former security chief who says he’s being punished for his refusal to support the Politburo’s campaign against Bo Xilai:

More than 300 of Zhous relatives, political allies, proteges and staff have also been taken into custody or questioned in the past four months, the sources told Reuters.Prosecutors and the partys anti-corruption watchdog had frozen bank accounts with deposits totalling 37bn yuan and seized domestic and overseas bonds with a combined value of 51bn yuan after raiding homes in Beijing, Shanghai and five provinces.Investigators had also confiscated about 300 apartments and villas, antiques and contemporary paintings and more than 60 vehicles, the sources added. Other items seized included expensive liquor, gold, silver and cash in local and foreign currencies.According to the sources, the seized assets had a combined value of at least 90bn yuan

China seizes $US14.5bn assets linked to ex-spy chief Zhou Yongkang (Guardian)