Media reports, citing China’s state-run media, says a court in China's Shandong province gave former Bank of China (601988.SS), opens new tab chairman Liu Liange a suspended death sentence on Tuesday for bribery and illegal loan issuance.
Reuters says he was sentenced to death with a two-year reprieve, meaning the sentence will only be carried out if he commits further crimes during the period. If reprieved he would have a life sentence.
Bloomberg reports that Liu was one of the most senior bankers to become implicated in a broad crackdown on corruption in the financial sector unleashed by President Xi Jinping in late 2021. His sentencing followed those of at least two other high-profile financial officials this year, as Xi charges ahead with his signature anti-graft campaign.
Liu was reportedly found to have accepted over 121 million yuan (US$17 million) in bribes and illegally.
Bloomberg notes that Liu’s downfall added to the hundreds of financial officials and executives caught in a sweeping anti-graft push that has shown no signs of slowing. Xi vowed early this year to deepen anti-corruption efforts in sectors from finance to energy and show “no mercy” in the fight, even after having claimed initial victory in mid-2022.
Other financial executives to have been sentenced to death with reprieve include Tian Huiyu, the former president of China Merchants Bank Co., Sun Deshun, ex-president of China Citic Bank Corp., and Wang Bin, a previous chairman of China Life Insurance Co, Bloomberg added.
Xinhua reports that the court sentence notes that Liu was deprived of political rights for life, all of his personal property will be confiscated, and all his illegal gains must be recovered and turned over to the state treasury.
The court reportedly found that Liu had taken advantage of his various positions at the Export-Import Bank of China and Bank of China, respectively, to provide assistance to others in matters such as loan financing, project cooperation and personnel arrangements — while illegally accepting bribes in return.
