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BEIJING (AP) — The former chairman of the Bank of China has been indicted on bribery charges, prosecutors said Monday, adding to a long list of business and government officials who have been brought down by Chinese leader Xi Jinping's yearslong anticorruption drive. Liu Liange is accused of taking advantage of his positions at the Bank of China and previously as president of the Export-Import Bank of China, the Supreme People’s Procuratorate said in a statement posted on social media. The state-owned Bank of China, one of the country's “Big Four” banks, has a major overseas presence. The Supreme People’s Procuratorate announced last month that Tang Shuangning, the former chairman of China Everbright Group, another state-owned bank, had been arrested on suspicion of embezzlement and bribery. Beyond finance, the former chairman of the Chinese Football Association was tried last month on charges of taking 81 million yuan ($11.2 million) in bribes.

Persons: Xi Jinping's, Liu Liange, People’s Procuratorate, Liu, Xi, Tang Shuangning Organizations: BEIJING, Bank of, Bank of China, Export, Import Bank of China, Xinhua News Agency, of, China Everbright Group, Xinhua, Chinese Football Association Locations: Bank of China, Jinan, China’s Shandong province, of China

☆ China gives suspended death sentence to Tian Huiyu, former China Merchants Bank president
▼ + stars: | 2024-02-06 | by ( Laura He | ) edition.cnn.com time to read: +3 min

The court said he had used his privileged access to information to make more than 290 million yuan ($41 million) in illegal gains from the stock market. He also leaked inside information about stocks to other people, which yielded more than 8 million yuan ($1.1 million) in illicit profits, it said. In return, he accepted bribes worth more than 210 million yuan ($30 million), it said. In 2013, Tian was promoted to head China Merchants Bank, serving as its president and its Communist Party boss. The Communist Party has stepped up its crackdown on the country’s state-owned financial system since last year.

Persons: Tian Huiyu, Xi Jinping, Tian, Wang Qishan, ”, Li Xiaopeng, Liu Liange, Bao Fan, Bao Organizations: Hong Kong CNN, China Merchants Bank, China Construction Bank, China Cinda Asset Management, Beijing, Communist Party, Central Commission, Communist, Adobe, China Everbright Group, Bank of China, China Renaissance Locations: China, Hong Kong, Changde city, Hunan, China’s, Shanghai, Changde

☆ Former Chinese central banker took ‘extraordinarily massive’ bribes, state media says
▼ + stars: | 2024-01-11 | by ( Michelle Toh | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —Fan Yifei, a disgraced former Chinese central banker, has admitted making a “huge mistake” in comments aired as part of a documentary by state broadcaster CCTV that alleges he accepted massive bribes from the beginning of his tenure. It described how he had received “extraordinarily massive” payments from executives of various companies in exchange for favors after taking up the PBOC’s second-highest position. “I wanted to possess great power, and at the same time, to be rich,” Fan said in the documentary. “I made a huge mistake.”According to CCTV, Fan accepted payments from businesspeople through his brother’s investment company. In addition to Fan’s case, the CCTV documentary exposed graft at a state-owned energy investment group and at the highest levels of Chinese sport.

Persons: Fan, Xi Jinping, “, Qian Long, Liu Liange, Wang Bin, Tang Shuangning, Tang, Wang Yongsheng, Wang, Li, China’s Organizations: Hong Kong CNN, People’s Bank of China’s, Central Commission, Xinhua, Communist Party, National Supervisory Commission, of China, China Life Insurance, China Everbright, China Development Bank, China Daily, soccer team, China’s Twitter Locations: China, Hong Kong, Xinhua, Weibo

☆ ICBC ex-VP being probed by China’s anti-graft body
▼ + stars: | 2023-11-06 | by ( Manav Tanneeru | Michelle Toh | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Zhang Hongli, a former senior executive at Industrial and Commercial Bank of China (ICBC), is being probed by China’s top anti-corruption watchdog, in a sign of a continuing crackdown in the country’s financial sector. State-owned ICBC is one of China’s “Big Four” banks and the world’s largest lender by assets, according to S&P Global. Prior to joining ICBC, Zhang worked at Deutsche Bank and Goldman Sachs, where he held senior management roles. They include three top executives at the highest ranks of China’s financial world, who have either been probed or charged, according to the commission. In October, Li was expelled from the Communist Party and arrested for allegedly taking bribes, according to Xinhua.

Persons: Hong Kong CNN — Zhang Hongli, Zhang, Goldman Sachs, Bao Fan, Bao, Xi, Li Xiaopeng, —, Li, Liu Liange, Liu, “, Wang Bin, Wang Organizations: Hong Kong CNN, Industrial, Commercial Bank of China, Central Commission, P, Deutsche Bank, ICBC’s Communist Party, Xinhua, CNN, China, Communist Party, of China, China Life Insurance Locations: China, Hong Kong, ICBC, Xinhua

☆ China expels former Bank of China chairman from Communist Party
▼ + stars: | 2023-10-07 | by ( ) www.reuters.com time to read: +2 min

The headquarters of the Central Commission for Discipline Inspection of the Communist Party of China is pictured in Beijing, China February 10, 2018. REUTERS/Jason Lee/File Photo Acquire Licensing RightsSHANGHAI, Oct 7 (Reuters) - China's ruling Communist Party has expelled the former chairman of the state-owned Bank of China from the party, accusing him of illegal activities and taking bribes, the top anti-graft watchdog said on Saturday. Liu Liange was accused of illegally granting loans and causing significant financial risks, the Central Commission for Discipline Inspection (CCDI) said in a statement on its website. Liu, born in 1961, had been working in banking and finance institutions, including in the central People's Bank of China and the Export-Import Bank of China, before he was promoted to become chairman of the Bank of China in 2019. Two weeks later, state media reported that the CCDI had opened an investigation into him on suspicion of serious violations of party discipline and laws.

Persons: Jason Lee, Liu Liange, Liu, Xi Jinping, Robert Birsel Organizations: Central Commission, Communist Party of, REUTERS, Rights, Communist Party, of China, Reuters, People's Bank of China, Export, Import Bank of, Bank of, Shanghai, Thomson Locations: Communist Party of China, Beijing, China, People's, Import Bank of China, Bank of China

☆ Wang Bin: Chinese insurance boss sentenced to life in jail for corruption
▼ + stars: | 2023-09-13 | by ( Laura He | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —Wang Bin, the former chairman of one of China’s biggest life insurers, will spend the rest of his life in jail after a court found him guilty of corruption. Wang was accused of taking the bribes between 1997 and 2021, when he headed a number of state-owned financial institutions, including China Life Insurance, China’s Bank of Communications and China Taiping Insurance. “The amount of bribes Wang Bin accepted was particularly huge, the circumstances of the crime were particularly serious and the social impact was particularly bad,” the ruling said. He is the latest top executive to become ensnared in President Xi Jinping’s anti-corruption crackdown on the country’s $56 trillion financial sector. The sentence came more than a year after Wang, who was also the top Communist Party official at China Life, was investigated by the party’s top anti-graft agency.

Persons: Hong Kong CNN — Wang Bin, Wang, Wang Bin, Xi Jinping’s, Li Xiaopeng, Liu Liange, Bao Fan, Xi Organizations: Hong Kong CNN, China Life Insurance, China’s Bank of Communications, China Taiping Insurance, Communist Party, China, China Everbright, Bank of China Locations: China, Hong Kong, Jinan, China’s, Shandong, United States

☆ China is waging a war on its financial industry. Some high-profile bankers are ensnared
▼ + stars: | 2023-04-05 | by ( Laura He | ) edition.cnn.com time to read: +8 min

Last Friday, authorities opened a similar probe into Liu Liange, former chairman of state-owned Bank of China, the country’s fourth largest lender. And in January, Wang Bin, who headed state-owned China Life Insurance from 2018 to early 2022, was charged by national prosecutors with taking bribes and hiding overseas savings. They include financial giants such as China Investment Corp, the nation’s sovereign wealth fund, China Development Bank, which provides financing for key government projects, and Agricultural Bank of China, another large state-controlled lender. “The current financial crackdown is a new wave of Xi Jinping’s anti-corruption campaign against the financial sector for consolidation of his power,” said Chongyi Feng, an associate professor in China Studies at the University of Technology Sydney. But the deepening crackdown on the vast financial sector could rattle investors.

☆ China Renaissance suspends trading, delays results after founder Bao Fan goes missing
▼ + stars: | 2023-04-03 | by ( Laura He | ) edition.cnn.com time to read: +2 min

Bao Fan, 52, started the boutique investment bank in 2005 and has been unreachable since the middle of February, according to the company. Shares in China Renaissance have plunged since Bao went missing, at one point dropping as much as 50%. China Renaissance said in late February that it had learned Bao was “cooperating in an investigation” being carried out by certain authorities in the country. Chinese media have reported Bao might be assisting in an investigation related to a former executive at China Renaissance. In a filing on Sunday, China Renaissance said auditors couldn’t complete their work or sign off on their report because of Bao’s absence.

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