logo
Money, sex and a Buddhist monk: Head of China's famed Shaolin Temple under investigation

Money, sex and a Buddhist monk: Head of China's famed Shaolin Temple under investigation

CNN3 days ago
China's famed Shaolin Temple announced on Sunday that its abbot is under investigation for suspected embezzlement and 'improper relationships' with women, reviving decade-old allegations against the controversial, high-profile monk.
Shi Yongxin, known as 'CEO monk' for his entrepreneurial endeavors that transformed the Buddhist monastery into a commercial empire, is suspected of criminal offenses including embezzlement and misappropriation of project funds and temple assets, the temple's authority said in a statement.
The 59-year-old monk was also accused of seriously violating Buddhist precepts by maintaining 'improper relationships' with multiple women over an extended period and fathering at least one child, according to the statement.
Buddhist monks in China have traditionally been expected to take a vow of celibacy.
'(Shi) is currently under joint investigation by multiple departments. Further information will be released to the public in due course,' the statement added.
CNN has not been able to contact Shi.
Established more than 1,500 years ago in the forested mountains of central China, the Shaolin Temple is both a religious and cultural icon, renowned for its age-old tradition of Zen Buddhism and Shaolin kung fu – a distinct form of Chinese martial arts.
Shi, who became the abbot of the Shaolin Temple in 1999 and was a member of China's rubber-stamp parliament for two decades, has frequently appeared in the media spotlight.
Known as the first Chinese abbot to hold a Master of Business Administration degree, he was often seen globetrotting with an iPhone in hand, meeting world leaders and industry titans – from the late Queen Elizabeth II of Great Britain, late South African president Nelson Mandela, and Henry Kissinger to Apple CEO Tim Cook.
In February, Shi led a delegation of monks from the Shaolin Temple to the Vatican to meet with Pope Francis.
But unflattering headlines have dogged the Buddhist monk for years – including his acceptance of a 1 million yuan ($140,000) car from the local government as a reward for promoting tourism in 2006.
Responding to a public outcry at the time, Shi told state media: 'Monks are also citizens. We have fulfilled our duties and made contributions to society, so it is only right that we receive rewards.'
His focus on promoting the Shaolin brand and turning it to multimillion-dollar business has attracted fierce criticism, especially from some followers who saw excessive commercialization as corrupting the spiritual integrity of the religious institution.
He staged Shaolin kung fu performances around the world, licensed the temple's name out to cartoons, movies and video games, and established a business empire that includes publishing, traditional Chinese medicine, tourist development and real estate.
For his part, Shi has defended his efforts to commercialize the Shaolin brand and promote it globally.
After writing a $3 million check to an Australian town in 2015 to build a Shaolin branch there, Shi Yongxin told state-run Xinhua news agency: 'If China can import Disney resorts, why can't other countries import the Shaolin Monastery?'
'Cultural promotion is a very dignified undertaking,' he said.
Later that year, a self-identified Shaolin insider posted a series of explosive allegations on Chinese social media, depicting Shi as an embezzler and womanizer with illegitimate children.
The accuser included documents dating back to the late 1980s purportedly showing Shi being kicked out of Shaolin following theft and other accusations from his own master. Among the documents posted online was a birth certificate for one of the abbot's supposed illegitimate children, as well as photos of the alleged mother and the child.
The allegations prompted an angry denial from the Shaolin Temple and an investigation from the country's religious affairs authorities. Asked by BBC Chinese at the time about the allegations, Shi said: 'If there were a problem, it would have surfaced long ago.'
The authorities dropped the case in 2017, citing insufficient evidence. Three years later, Shi went on to be re-elected as the deputy head of the Buddhist Association of China – the state supervisory body on the religion – a position he has held since 2002.
Steven Jiang contributed to this report.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

ICAI revises tax audit limits for chartered accountants
ICAI revises tax audit limits for chartered accountants

Yahoo

time23 minutes ago

  • Yahoo

ICAI revises tax audit limits for chartered accountants

The Institute of Chartered Accountants of India (ICAI) has announced revised norms for the maximum number of tax audits a chartered accountant can undertake annually. Effective from 1 April 2026, the guidelines aim to enhance audit quality by maintaining the existing limit of 60 tax audits per member per financial year, applicable to both individual and partnership capacities. The revised guidelines specify that the limit of 60 tax audits cannot be distributed or shared among partners in a chartered accountants (CA) company. However, this limit excludes tax audit assignments under clauses (c), (d) and (e) of section 44AB, concerning sections 44AE, 44ADA and 44AD. Additionally, revised tax audit reports will not count towards the 60-audit limit. These changes were decided in ICAI's 442nd and 443rd meetings held on 26–27 May 2025 and 30 June–1 July 2025, respectively. The guidelines aim to ensure that the quality of tax audits remains uncompromised. In a separate development, the ICAI inaugurated the ICAI International ADR Centre (IIAC), a Section 8 company, to promote alternate dispute resolution (ADR) mechanisms in India. The initiative represents ICAI's move into ADR, an area intersecting commercial, legal and economic interests. In a statement, the ICAI said that these centres will enhance the commercial dispute resolution ecosystem by providing a transparent, technology-enabled mechanism. The centres will operate under a governance framework, ensuring integrity, neutrality, and professional excellence for both domestic and international stakeholders. ICAI president Charanjot Singh Nanda said: 'In this evolving business ecosystem, effective dispute resolution is no longer a procedural formality; it is a strategic necessity and IIAC aims to provide this necessity with credibility, neutrality and efficiency, values that are at the core of ICAI's professional ethos. 'The IIAC will serve as a specialised institutional platform offering structured and time-bound arbitration, mediation, conciliation and negotiation services that are professionally managed, process-driven and globally benchmarked.' "ICAI revises tax audit limits for chartered accountants " was originally created and published by The Accountant, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.

Nvidia in the Crosshairs: China Just Escalated the AI Chip War
Nvidia in the Crosshairs: China Just Escalated the AI Chip War

Yahoo

time23 minutes ago

  • Yahoo

Nvidia in the Crosshairs: China Just Escalated the AI Chip War

Nvidia (NASDAQ:NVDA) just hit another speed bump in China. Days after the U.S. rolled back export restrictions on its H20 chipdesigned specifically to comply with sanctionsChinese regulators summoned Nvidia to address alleged serious security vulnerabilities. The Cyberspace Administration of China (CAC) raised concerns tied to U.S. lawmakers' comments suggesting these chips may carry location-tracking or shutdown features. The agency demanded internal documentation and clarification from Nvidia's local team. No official details were shared beyond that, but investors are watching closely. The stock gained 2.5% on Germany's Tradegate, supported in part by strong earnings from Microsoft and Meta, but this probe introduces fresh uncertainty. Warning! GuruFocus has detected 5 Warning Signs with NVDA. The timing couldn't be more delicate. CEO Jensen Huang had just wrapped up a high-profile China visit, spotlighting local champions like DeepSeek and Tencent while calling China a global AI powerhouse. Meanwhile, U.S. officials had been framing the H20 green light as a goodwill gesturehoping it would unlock better access to China's rare earths. But now, Chinese regulators are signaling they're not quite sold. Local chipmakers like SMIC and Cambricon popped more than 5% following the CAC's statement, suggesting markets see this as a tailwind for China's self-reliance push. As Forrester's Charlie Dai put it: H20 sales could now face delays, just as China doubles down on homegrown tech. Underneath all this is a bigger chessboard. The U.S. had loosened chip export rules after trade talks in London, and in return, China allowed more outbound flow of rare-earth minerals. But the CAC's sudden scrutiny of the H20 chipespecially one already stripped down to meet U.S. compliancefeels like a move to keep pressure in the trade negotiations. At the same time, domestic players like Huawei are rolling out rivals like the Ascend 910C, which are already being compared to Nvidia's chips for inference workloads. As trade officials sidestep direct comment, one thing is clear: Nvidia's foothold in China remains fragile, and investors will need to watch how this unfoldsone regulatory move at a time. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

AMD Reports August 5—Analyst Sees Q3 Upside and CPU Market Gains
AMD Reports August 5—Analyst Sees Q3 Upside and CPU Market Gains

Yahoo

time23 minutes ago

  • Yahoo

AMD Reports August 5—Analyst Sees Q3 Upside and CPU Market Gains

Advanced Micro Devices, Inc. (NASDAQ:) is one of the . On July 29, BofA Securities raised its price target on the stock to $200.00 from $175.00 while maintaining a 'Buy' rating. The rating affirmation comes ahead of AMD's earnings report due on August 5th. According to the firm, China AI shipments will potentially resume in the second half of 2025, adding $0.7-$1 billion to 2025 AI GPU revenue and $1.5-$2 billion to 2026 (calendar years). 'AMD reports Tuesday, August 5 after market close. Read-throughs point to: 1) potential (yet unconfirmed) China AI shipment resumption in 2H, adding ~$0.7–$1 billion to CY25 AI GPU sales and ~$1.5–$2 billion to CY26; 2) stronger than expected pricing for its current-gen MI355X ($20K+ vs. $17K consensus); 3) continued strong demand for AI/GPU driven by rising cloud capex; 4) easier 2H PC unit comps, given AMD's recent PC strength was mostly average selling price (ASP)-driven rather than unit-based; 5) AMD's 2H PC outlook is already well below seasonal by 1300bps/1400bps in Q3/Q4; and 6) healthy enterprise demand (e.g., HPE/TXN)." A close up of the hand of a financial analyst, holding a copy of a report from a rating agency. "Overall, we expect upside to Q2/Q3 results and guidance at $7.5 billion+/$8.5 billion+ in sales (vs. consensus $7.4 billion/$8.3 billion) and CY25 sales/EPS toward $33 billion+/$4.10+ (vs. consensus $32.2 billion/$4.01). Longer-term, we expect AMD to exceed 30% of the overall CPU market by CY26, up from just under 20% in CY23, and potentially reach 4–5% of the AI GPU market. Intel's prioritization of profitability and manufacturing uncertainty offers greater opportunity for AMD to gain CPU share. We reiterate our Buy rating and raise our price objective to $200 from $175, now based on 36x CY26E P/E (from 31x), reflecting a stronger AI CPU/GPU environment, but still within the historical 13x–39x range.' -Vivek Arya Advanced Micro Devices, Inc. (NASDAQ:AMD) develops and sells semiconductors, processors, and GPUs for data centers, gaming, AI, and embedded applications. While we acknowledge the potential of AMD as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 10 Must-Watch AI Stocks on Wall Street and Disclosure: None.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store