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News / Former Chairman Of The Bank Of China Facing A Bribery Charge Under The Nationwide Anticorruption Campaign

Former Chairman Of The Bank Of China Facing A Bribery Charge Under The Nationwide Anticorruption Campaign

Liu Liange; the former chairman is now under prosecution for bribery and stands in a long line of cases under the State’s anti-corruption sweep.

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The head of the Bank of China, who has been charged with taking bribes making up for a long list of politicians and businessmen whom Xi Jinping; the Chinese leader, has taken down with his almost decade-long anti-corruption campaign, said media sources.

According to the State News Agency, Liu Liange has been accused of making personal gain by providing people with credit and staff appointments in exchange for property and cash, as well as granting loans in violation of regulations, causing significant losses.

The allegations against Liu, who has been under investigation for over 10 months, were filed by the Jinan city of Shandong; the Eastern China province.

He was subject to accusations of power over his previous and current official positions: as president of the Export-Import Bank of China and chairman at the Bank of China, as stated by the Supreme People’s Procuratorate.

Xi’s Long-Standing Fight Against Corruption

Xi Jinping, in a keynote address to the communist party’s discipline committee last year emphasized that this struggle against corruption is severe and lengthy, implying that one should expect no change on the corruption front.

Bank of China; one of China’s four largest state-owned banks with an international outreach, ranks as a top player in foreign markets. Its anti-corruption campaign, which has huge popularity among the general public, has enabled Xi to override any political opponents and there is no sign of this campaign stopping, according to Xinhua News Agency.

The top prosecutor’s office in China said Tang Shuangning, the former head of China Everbright Group, another state-owned bank, was detained last month on suspicion of various kinds of crimes, including embezzlement and bribery.

In another case, the former chairman of the Chinese Football Association, who was convicted last month for taking 81 million yuan in bribes in addition to dealing in the illegal transfer of players to football clubs, will serve in jail, as reported by media sources.

The previous head of the asset management group was executed in 2021 for allegedly taking bribes. Some individuals have been given long terms in prison in such cases, stated media sources.

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Corruption

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Financial Services

Published Date

February 21, 2024

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