SOURCE / ECONOMY
Former executive of China Development bank drummed out of Party for severe discipline violations
Former executive of China Development bank drummed out of Party for severe discipline violation
Published: Feb 28, 2019 03:34 PM
A former executive of China's largest policy bank has been expelled from the Communist Party of China (CPC) after he was investigated and found guilty of severe discipline violations, the country's top graft buster announced on Thursday. 

Guo Lin, a former member of the China Development Bank's administrative committee, was found to have severely violated anti-corruption discipline during his stint as head of the bank's Tianjin branch, the CPC Central Commission for Discipline Inspection and the National Supervisory Commission said in a statement posted on its website.

A private business owner who undertook a project renovating the bank's office buildings offered to renovate Guo's own home, and Guo didn't pay for the renovations of his home, the investigation found. 

Guo also sold his home to a loan client of the branch bank at a price conspicuously higher than market value, read the statement, which announced his expulsion from the Party, as well as the decision to cancel his pension benefits and confiscate all of his illegal gains.