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China. Anti-corruption investigation in the banking sector. The arrest of Liu Liange, former president of the Bank of China

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Liu Liange, former president of the state-owned Bank of China, was arrested. Several CFOs from state-owned banks have already been fined or imprisoned. Wang Bin, former president of China Life Insurance, was sentenced to life imprisonment without the possibility of parole for bribery, the BBC reported. The actions are related to President Xi Jinping’s anti-corruption investigation.

As reported by the BBC, Liu Liange, former president of the state-owned Bank of China, was arrested. He headed the bank from 2019 to March 2023. A few weeks later, authorities announced that Liu Liange had been charged with corruption.

Liu LiangeGettyImages

They were fined and imprisoned

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The 62-year-old is one of the highest-ranking people from the world of finance to be embroiled in President Xi Jinping’s anti-corruption investigation. The aim of the investigation was to eliminate corruption from the domestic financial sector.

Several other CFOs from state-owned banks have already been fined, imprisoned or placed under investigation. The BBC gave the example of Wang Bin, the former chairman of China Life Insurance, who was convicted of bribery and sentenced to life in prison without the possibility of parole.

Liu Liang’s arrest came just a week after he was expelled from the ruling Chinese Communist Party following accusations from the Central Control Commission, the top anti-fraud watchdog. He was accused of a number of illegal activities that led to significant financial risk.

Accusations of illegal lending

Liu Liange is accused of illegally granting loans, importing banned publications into the country and using his position in the bank to accept bribes and other benefits, such as invitations to private clubs and ski resorts.

Read also: “Sanctions have been limiting Moscow’s political and economic opportunities for a year”

Main photo source: Shutterstock



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