Fan Yifei, a former deputy governor of China’s central bank, was arrested by the Supreme People’s Prosecutor’s Office on suspicion of bribery, Reuters reported on Tuesday, citing a statement issued by the prosecutor’s office.
The 59-year-old Fan was one of the six deputy presidents of Ludowy Bank China since 2015. As of last November, he was suspended and under investigation by China’s highest anti-corruption body. The Supreme People’s Prosecutor’s Office said in a statement published on Tuesday that it would pursue proceedings against Fan, and the case was under further investigation. Fan was expelled from the Chinese Communist Party and dismissed from his public office for “serious violations of discipline and law” on June 9.
A long list of accusations
In a statement published earlier this month by the Central Disciplinary Inspection Commission, his offenses included attending banquets, outings, playing golf, accepting gifts and money, and “trading power for sex.” He was also allegedly taking real estate illegally. The fan used his position to allow others to profit by financing loans and nepotism Chinese state television CCTV reported at the time. The disciplinary committee found that Fan “lost his ideals and beliefs, … became politically indifferent, tried to disrupt the investigation and was deeply prejudiced.”
The anti-corruption campaign has been going on for a decade
Fan is the highest-ranking official of the People’s Bank of China who was arrested as part of China’s Chairman (President) Xi Jinping’s anti-corruption campaign over the past decade to eliminate corrupt officials from the financial sector. Chinese authorities have presented the policy as a necessary purge of state bodies, but critics say it is also a tool for Xi’s purge. According to official figures, more than 1.5 million civil servants have so far fallen into the trap of the campaign. Some courts have imposed the death penalty.
Main photo source: PAP/EPA