Saturday, July 20, 2024
HomenewsEx-Bank of China chairman arrested on bribery charges

Ex-Bank of China chairman arrested on bribery charges

Liu Liange, the ex-chairman of the Bank of China, has been arrested on corruption charges, Chinese state media said.

Liu, who led the state-owned bank from 2019 until March of this year, was arrested by the Supreme People’s Procuratorate on suspicion of bribery and providing illegal loans, Xinhua said on Monday.

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His case has “been transferred to the procuratorate for review and prosecution … and is currently under further processing”, Xinhua said.

Liu’s arrest comes about a week after he was expelled from the ruling Chinese Communist Party following accusations of wrongdoing by the country’s anticorruption watchdog.

The Central Commission for Discipline Inspection accused Liu of a range of illicit activities, including illegally granting loans, bringing banned publications into the country and using his position to accept bribes and other perks.

Liu is a prominent figure in China’s financial circles, having previously held senior positions in the central bank and the Export-Import Bank of China.

Chinese President Xi Jinping has waged an exhaustive campaign to weed out corruption since coming to power in 2012.

Xi’s anticorruption drive has ensnared a number of prominent financial executives at state-owned banks.

Last month, Wang Bin, the former chairman of China Life Insurance, was sentenced to life in prison without parole for accepting 325 million yuan ($44.6m) in bribes.

Critics have accused Xi of using corruption charges as a pretext to purge his political rivals.

Source: Al Jazeera and news agencies

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