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Former Bank of China chairman arrested for corruption | Corruption News

Nature

Liu Liange is the latest financial executive to be implicated in Chinese President Xi Jinping’s anti-corruption campaign.

Liu Liange, the former chairman of the Bank of China, has been arrested on corruption charges, Chinese state media said.

Liu, who headed the state-owned bank from 2019 to March this year, was arrested by the Supreme People’s Procuratorate on suspicion of corruption and granting illegal loans, Xinhua reported on Monday.

His file was “transferred to the prosecutor’s office for examination and prosecution (…) and is currently being processed”, Xinhua said.

Liu’s arrest comes about a week after he was expelled from China’s ruling Communist Party following accusations of wrongdoing by the country’s anti-corruption watchdog.

The Central Commission for Discipline Inspection accused Liu of a range of illicit activities, including illegally granting loans, introducing banned publications into the country and using his position to accept bribes. -wine and other benefits.

Liu is a prominent figure in Chinese financial circles, having previously held senior positions at the central bank and the Export-Import Bank of China.

Chinese President Xi Jinping has led a comprehensive campaign to root out corruption since coming to power in 2012.

Xi’s anti-corruption campaign has ensnared a number of top financial executives at state-owned banks.

Last month, Wang Bin, the former chairman of China Life Insurance, was sentenced to life in prison without parole for accepting 325 million yuan ($44.6 million) in bribes. .

Critics have accused Xi of using corruption accusations as a pretext to purge his political rivals.

Nature
aljazeera

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