A court in China’s Shandong province gave former Bank of China chairman Liu Liange a suspended death sentence on Tuesday for bribery and illegal loan issuance, state media reported.
He was sentenced to death with a two-year reprieve, the reports said, meaning the sentence will only be carried out if he commits further crimes during the period. If reprieved he would have a life sentence.
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The former chairman of the Bank of China, Liu Liange, was on Tuesday sentenced to death with a two-year reprieve for corruption and illegal issuance of loans.
He was found to have accepted bribes worth over 121 million yuan ( $16.8 million), a court in Jinan city in China’s eastern Shandong Province said in its verdict.
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 sentence read, state-run Xinhua news agency reported.
The court found that Liu had taken advantage of his various positions at the Export-Import Bank of China and Bank of China, respectively, to assist others in matters such as loan financing, project cooperation and personnel arrangements — while illegally accepting bribes in return.
Moreover, he was found to have knowingly facilitated the issuance of loans totalling more than 3.32 billion yuan to unqualified companies in violation of legal rules, resulting in a principal loss of over 190.7 million yuan (about $ 27 million), the court said.
Liu was the second prominent Chinese banker to have been punished for corruption.
On November 20, China’s ruling Communist Party expelled Lou Wenlong, a former vice president of the Agricultural Bank of China, from the party for corruption.
Lou was found to have deliberately resisted the investigation of his case and violated the Party’s frugality code by attending banquets that were paid for using public funds or that may influence the fair execution of official duties, the statement said.
Also on Tuesday, a public prosecution was initiated against Wang Yixin, former vice governor of Heilongjiang Province in northeast China, for allegedly accepting bribes.
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