An AK-47 (PNI)
Five of the 14 suspects were principal U.S. representatives of
two major PLA arms suppliersNorinco as well as Polytechnologies. Many of the
suspects disappeared after the bust.
Both Chinese firms deny involvement in the illegal arms shipment,
which has a reported street value of $2 million to $4 million, but law enforcement
agencies have repeatedly targeted the firms for similar activity in Los Angeles, Miami and
President Clinton has since said Wangs White House visit in
February 1996 was clearly inappropriate.
Wall Street Cozies Up to
The son of former Chinese Vice President Wang Zhen, Wang also serves as chairman the $23
billion financial powerhouse, China International Trust and Investment Corp. The
organization has raised hundreds of millions of dollars in the U.S. bond market, which
some observers claim has been partially funneled to military-run businesses.
The managing executive with CITICs New York office denies
that investment money goes to the PLA.
That is nonsense, he responded.
Others arent so sure. Roger Robinson, a former
economic adviser to the National Security Council under President Bush claims that New
York firms have handled more than $800 million in CITIC bonds. He believes that some of
that money could very well be going to PLA firms and helping to establish credit
operations for Chinas international weapons sales.
Were talking about an organization that is intimately
connected to the Chinese military commission, Robinson says.
Wang made his White House visit during a trip to drum up new
business on Wall Street.
Democrats Power Breakfast
with the PLA
Just hours before visiting with President Clinton, Wang first met with Ernest Green, an
active fund raiser for the Democratic National Committee and a friend of the president.
Green, a managing director with the Lehman Brothers investment bank in Washington, was
looking to develop business with CITIC, a spokesperson for Lehman later told the press.
Greens appointments that day also included delivering a
$50,000 check in his wifes name to the DNC prior to meeting with Wang.
These series of events later prompted ongoing investigations by
the Justice Department and Congress, who are now attempting to determine whether there may
be a link between the Chinese government and fund-raising efforts by the Democratic Party.
Wang, in turn, denies any impropriety. It is sheer nonsense
that some U.S. reports described this meeting as having something to do with the political
donations case, he told the New China News Agency. These stories deliberately
distorted the facts.
Wang said he visited the United States to meet with Lehman
Brothers and acquaint himself with the U.S. bond market. He also was reported to have met
with then-Commerce Secretary Ron Brown.
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