Dai Haibo Former Shanghai official Admits Graft Charges

The Shanghai governments former deputy secretary-general admitted taking bribes and concealing cash deposits when he appeared at the Shanghai No. 1 Intermediate Peoples Court.

Dai Haibo， 54， received bribes of more than 9.9 million yuan （US$1.4 million） between 1998 and 2015 when he was general manager of the stateowned Zhangjiang Group， deputy director of the Pudong New Area and director of the Shanghai Economic and Information Commission， among other roles.

He also concealed cash， funds and stocks worth nearly 1.58 million yuan in a bank account in Hong Kong.

Prosecutors said Dai hadnt told authorities that he opened a personal account with Citibank Hong Kong in April 2001. It was found to contain cash deposits worth HK$380，900 （US$49，000）， and stocks and funds worth HK$1.58 million.

Dai was placed under investigation for serious disciplinary violations in March 2015 and sacked the following month.

In August of that year， prosecutors launched a corruption investigation.

Dai told the court， which hasnt yet issued a verdict in the case， that he regretted his actions.

Under Chinese law， he faces up to two years in jail for concealing his Hong Kong deposits and at least 10 years for taking bribes.

Bribery deemed to have caused the country great losses can merit life in jail or even the death penalty.