Shaolin Temple abbot investigated for embezzlement and misconduct
The temple issued a statement on WeChat confirming the probe into Abbot Shi Yongxin, who is accused of misusing funds and violating Buddhist principles.
The statement said Shi had 'seriously violated Buddhist precepts,' including allegedly maintaining 'improper relationships' with multiple women.
'Multiple departments are conducting a joint investigation,' the temple added.
Shi, often called the 'CEO monk' for expanding Shaolin's global presence through business ventures, has faced similar accusations before.
Former monks previously claimed he embezzled money from temple-run companies, owned luxury cars, and fathered children outside monastic rules.
China's government tightly controls religious institutions, and misconduct often leads to removal from leadership roles.
A related hashtag on Weibo had over 560 million views by Monday morning, reflecting widespread public interest.
Shi, 59, became abbot in 1999 and helped establish dozens of companies abroad, though critics accused him of commercialising Buddhism.
His last Weibo post read: 'When one's own nature is pure, the pure land is here in the present.'
The Shaolin Temple, founded in AD 495, is revered as the cradle of Zen Buddhism and Chinese martial arts.
Shi has held prominent roles, including vice-chairman of the Buddhist Association of China and a seat in the National People's Congress. - AFP
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New Straits Times
36 minutes ago
- New Straits Times
Malaysia eyes rare earth leadership amid US-China tensions, global trade shift
KUALA LUMPUR: Malaysia is positioning itself as a global powerhouse in the race for rare earths—often dubbed "industrial gold"—with ambitions to become a major player in the global supply chain. Backed by vast reserves and supportive policies, the country is forecast to claim a 12 per cent share of global refining capacity by 2030, potentially becoming the world's second-largest rare earth refiner, according to the International Energy Agency (IEA). Malaysia's rare earth deposits, estimated at 16.1 million metric tonnes (MT), rank among the largest globally. The Malaysian Investment Development Authority (MIDA) values the sector's potential at RM747.2 billion, with prospects to attract foreign direct investment and spur domestic job creation. However, turning potential into leadership will not be without challenges. Public Investment Bank Bhd (PublicInvest) has warned that Malaysia's rare earth aspirations may face geopolitical headwinds—primarily due to the sector's dependence on Chinese technology for processing. This dependence could trigger trade restrictions from the US, especially amid escalating tensions between Washington and Beijing over control of critical mineral supply chains, it said in a note. "We do not expect a straightforward path for Malaysia as this ambition would require the use of Chinese technology, which could trigger geopolitical risk and trade restriction by the US." The United States has long expressed concern over China's dominance in the rare earth supply chain, framing it as a national security issue. In response, the US has begun taking aggressive steps to reshape global trade. The Trump administration's recent imposition of tariffs ranging from 10–40 per cent on ASEAN countries, and 20–50 per cent on others including Switzerland, Canada, Taiwan, and Brazil, signals a broader protectionist agenda. PublicInvest noted that Malaysia's own exports—such as rubber gloves, furniture, and lower-value electrical & electronics (E&E) goods—may be hit by a 19 per cent tariff, raising the risk of demand destruction. Crucially, the real target may be the global rare earth supply chain. Despite accounting for just 70 per cent of global rare earth output, China processes more than 90 per cent of the world's supply, a strategic edge it has held since designating rare earths as critical in the 1980s. Even the US' only rare earth mine at Mountain Pass remains dependent on overseas processing. Efforts to establish a self-sufficient domestic supply chain—despite Pentagon support and private-sector investment—face formidable technical and environmental challenges. "Up to today, the US has not been able to strike any meaningful trade agreement with China. We believe this was largely due to the weaponisation of the critical minerals, rare earth, which is also known as the "industrial gold". To reduce its reliance on China and bolster national security, the US is actively pursuing plan to develop its own rare earth supply chain," PublicInvest said. Beyond rare earths, broader macroeconomic risks are also at play. PublicInvest warns that rising tariffs may accelerate a looming US recession. Despite being framed as tools to protect domestic industries and rebalance trade, tariffs have the potential to weaken business activity and consumer spending. "With the latest July data suggesting a weakening US labour market, that is a rising unemployment rate and slower job growth, we believe signs of a US recession are creeping up," PublicInvest said. Underlying fragilities in the US economy include slowing job creation, rising inflation, and increasing reliance on part-time or gig work—factors not always captured in official data. PublicInvest expects the US Federal Reserve to maintain its hawkish stance, with interest rate cuts likely postponed until Q4 2025. While Malaysia's rare earth potential has been a bright spot for investors, industry insiders warn that optimism may be premature. "Despite Malaysia's moderate tariff exposure, downside risks remain, particularly as weakening US consumer demand could dampen export performance," said one industry source. He noted that even though strategic sectors like pharmaceuticals and semiconductors have received tariff exemptions, low-value, non-critical exports remain vulnerable to cost pressures. "These tariffs will raise operating costs, forcing some companies to freeze hiring or downsize to protect margins," he said, adding that the official unemployment rate may be understating true labour market distress. He emphasised that Malaysia's rare earth opportunity must be approached with strategic caution. Investing in non-China-dependent processing technology, reducing geopolitical exposure, and building a resilient local supply chain will be critical. "Meeting trade deadlines or signing US agreements should not be mistaken for long-term stability," he said. "What lies ahead is a complex recalibration of global supply chains—and Malaysia must be both strategic and nimble to secure its place in this evolving landscape."
The Sun
36 minutes ago
- The Sun
Two Chinese nationals charged for illegal Nvidia AI chip exports to China
CALIFORNIA: Two Chinese nationals in California have been arrested and charged with illegally exporting tens of millions of dollars' worth of Nvidia AI chips to China, including the advanced H100 model. The U.S. Justice Department announced the charges on Tuesday, citing violations of export control laws. Chuan Geng, 28, of Pasadena, and Shiwei Yang, 28, of El Monte, allegedly shipped the restricted technology to China between October 2022 and July 2025 without obtaining necessary licenses from the U.S. Commerce Department. The charges stem from an affidavit filed with the complaint, which details their operations through their company, ALX Solutions. According to the affidavit, ALX Solutions was established in 2022 shortly after the U.S. imposed strict export controls on advanced technology to China. The company reportedly sent over 20 shipments to freight forwarding firms in Singapore and Malaysia, which are often used as transshipment hubs for illegal exports to China. A federal agent from the U.S. Commerce Department stated in the affidavit that ALX received a $1 million payment from a China-based company in January 2024, along with other payments from firms in Hong Kong and China. The agent noted that these payments did not originate from the freight forwarding companies involved in the shipments. Nvidia's H100 chips are highly sought after for training large language models and other AI applications. Records indicate that ALX Solutions purchased more than 200 Nvidia H100 chips from San Jose-based Super Micro Computer between August 2023 and July 2024. The company falsely declared that the customers were located in Singapore and Japan. One invoice from 2023, valued at $28,453,855, listed a Singapore-based customer, but U.S. export control officers in Singapore could not verify the shipment's arrival. The company named on the invoice was also found to be non-existent at the listed address. In addition to the H100 chips, Geng and Yang are accused of illegally exporting Nvidia's PNY GeForce RTX 4090 graphics cards, which also require export licenses for China. Geng and Yang appeared in U.S. District Court in Los Angeles on Monday. Geng, a permanent resident, was released on a $250,000 bond, while Yang, who overstayed her visa, faces a detention hearing on August 12. Lawyers for the defendants have not yet responded to requests for comment. - Reuters
The Star
an hour ago
- The Star
PM: Govt debt under control, loans used for development
KUALA LUMPUR: Government debt is under control and loans are channelled towards development rather than operating expenditures, says Datuk Seri Anwar Ibrahim. Responding to concerns over the national debt, the Prime Minister said while borrowings were necessary, they must be responsibly managed, with a clear focus on long-term infrastructure and social development. 'As long as we run a deficit, debt will continue to grow. That's why our strategy is to reduce the deficit gradually,' he said in response to Datuk Iskandar Dzulkarnain Abdul Khalid (PN-Kuala Kangsar), who asked if the government was managing debt responsibly given its recent increase. Anwar acknowledged that Malaysia's debt had grown in line with past deficits but said this trend is being reversed. 'As we approach the third year of this administration, our commitment to fiscal reform has led to a consistent reduction in the deficit, from 6.4% in 2021 to 5.5% in 2022, 5% in 2023, and an estimated 4.1% in 2024,' he said during the Prime Minister's Question Time. The Prime Minister said narrowing the deficit has enabled the government to reduce its annual borrowings from RM100bil in 2021 to RM99bil in 2022 and RM92.6bil in 2023. For 2024, it will further be decreased to RM76.8bil. The government, he said, is committed to reducing the deficit in stages to avoid disrupting essential public spending. 'If we cut too abruptly, critical sectors such as education, the Sumbangan Tunai Rahmah (STR), and healthcare would suffer,' he said. Anwar also dismissed the Opposition's claim that the 13th Malaysia Plan (13MP) has overlooked development for bumiputra, pointing to the Bumiputra Economic Transformation Plan 2035 (PuTERA35) as a key component of 13MP, underscoring the government's dedication to bumiputra initiatives. 'We need to study the Plan thoroughly. Otherwise, there's a misconception that funds are only for Chinese new villages and not bumiputra. Clearly, critics haven't read it,' he said in response to allegations by Datuk Awang Solahuddin Hashim (PN-Pendang) that the 13MP favours Chinese new villages over bumiputra development. The Prime Minister also questioned the double standards shown by critics who were silent when opposition-led states raised water tariffs, adding that the Federal Government had no objection to the increases, as there were valid reasons behind them. 'Perlis, Kedah, Kelantan, and Terengganu raised tariffs, but because these are opposition-led states, no one makes a fuss. If it had been the Federal Government raising tariffs, we would be harshly criticised,' he said. The Prime Minister also told Opposition lawmakers to set aside their differences and start negotiations with the government over MP allocations. He said while Deputy Prime Minister Datuk Seri Fadillah Yusof is ready to hear the Opposition, there must be a consensus among them first.
