A court in Shandong province, China, has sentenced Liu Liange, the former chairman of the Bank of China to a suspended death sentence for bribery and issuing illegal loans, according to state media reports.
Liu’s sentence includes a two-year reprieve, meaning it will only be carried out if he commits further crimes during this period. If not, it will be commuted to life imprisonment.
Born in 1961, Liu had a long career in banking and finance, holding roles at institutions like the People’s Bank of China and the Export-Import Bank of China before becoming chairman of the Bank of China in 2019.
In October 2022, the Chinese Communist Party expelled Liu, accusing him of corruption and accepting bribes.
China’s anti-corruption watchdog has recently intensified its crackdown on the financial sector, targeting high-profile figures such as Liu Liange and former deputy central bank governor Fan Yifei. Fan was sentenced to death in October for accepting bribes, also with a two-year reprieve.
READ MORE:Tinubu’s Govt Says It Mounted ‘Diplomatic Pressure’ On Finland to Secure Arrest of Simon Ekpa
According to state broadcaster CCTV, the court revealed that Liu misused his position to secure promotions for numerous individuals and accepted bribes totaling over 121 million yuan ($17 million), an amount described as “particularly huge.”
The court stated that Liu “truthfully confessed” to his crimes, and most of the stolen money and assets were recovered, which led to the decision not to immediately enforce the death penalty.
During his time at China Export-Import Bank and the Bank of China, Liu violated regulations by approving loans exceeding 3.32 billion yuan, resulting in losses of over 190 million yuan, according to CCTV.
Source: Reuters
Follow Parallel Facts on WhatsApp Channel:https://whatsapp.com/channel/0029VaCQSAoHgZWiDjR3Kn2E
