A Chinese banker is now sentenced to death for corruption and the illegal issuance of loans, a court said on Tuesday.
Liu Liange, the former chairman of the Bank of China, has been sentenced to death with a two-year reprieve due to charges of corruption and the illegal issuance of loans.
The verdict was delivered by a court in Jinan, located in the eastern Shandong Province of China.
According to the court, Liu accepted bribes exceeding 121 million yuan (approximately $16.8 million).
In addition to the death sentence, Liu will lose his political rights for life, and all of his personal assets will be confiscated.
The court has also mandated that all his ill-gotten gains be recovered and submitted to the state treasury, as reported by the state-run Xinhua news agency.
The court found that Liu exploited his roles at both the Export-Import Bank of China and the Bank of China to assist others in securing loans, project collaborations, and personnel decisions, all while illegally accepting bribes in return.
He was also implicated in facilitating loans totaling more than 3.32 billion yuan to unqualified companies, which violated legal regulations and resulted in a principal loss exceeding 190.7 million yuan (about $27 million).
Liu’s case marks him as the second high-profile Chinese banker to face severe penalties for corruption.
On November 20, Lou Wenlong, a former vice president of the Agricultural Bank of China, was expelled from the Communist Party for his involvement in corrupt practices.
Lou was reported to have obstructed the investigation into his actions and violated the Party’s code of conduct by attending lavish banquets funded by public money, which could compromise the integrity of official duties.
Additionally, on the same day, public prosecution was initiated against Wang Yixin, the former vice governor of Heilongjiang Province, for allegedly accepting substantial bribes.
The Heze Municipal People’s Procuratorate in Shandong Province has filed charges against Wang following an investigation by the National Commission of Supervision.
Prosecutors claim that Wang misused his positions in Hainan and Shanxi provinces to provide benefits to others in exchange for “extremely large” bribes.
Since taking office in 2012, Chinese President Xi Jinping has launched an extensive anti-corruption campaign that has led to the punishment of over a million officials, including two former Defense Ministers and numerous high-ranking military officers.
This initiative underscores the government’s commitment to addressing corruption at all levels of public service.
In other parts of Asia, such as South Korea, illegal short sellers are facing life sentences in prison.
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