Shanghai: The amount of cash stolen from Shanghai's pension fund in one of China's biggest corruption scandals in recent years was 10 times higher than previously estimated, state media reported on Friday.

Former Shanghai party boss Chen Liangyu admitted at his trial earlier this week that he was "partially responsible" for the pilfering, but did not plead guilty, several media said.

A verdict has yet to be delivered against Chen, who was ousted in 2006, but the Beijing News said he was charged with "taking bribes, abuse of office and dereliction of duty," which means he could face the death penalty.

Meanwhile the State Audit Office revealed new figures this week putting the amount of pilfered cash at 33.9 bn yuan ($4.8 bn dollars), 10 times more than the original estimate of $480 mon dollars, the China Daily said.

The auditor's 18-month probe said most of the money stolen from Shanghai's pension fund was invested in speculative real estate projects.

Another 8.77 bn yuan has yet to be accounted for, the newspaper said.

Chen, 61, was himself accused of taking 2.4 mn yuan, while supporting the use of the funds from Shanghai Labour and Social Security Department that caused major losses to the city, the Beijing News reported.

Local media reports said Chen looked in good health at his trial, which was held in the northern city of Tianjin to avoid bias in the proceedings.

The probe into the misuse of the city's billion-dollar retirement funds has netted more than 20 government officials and businessmen, leading to a string of tough convictions, including a suspended death sentence.
Source : PTI