Former governor of China Development Bank sentenced to life in prison for bribery
Published: Jan 07, 2021 04:17 PM Updated: Jan 07, 2021 05:27 PM

Photo: CCTV

Hu Huaibang, ex-governor of the China Development Bank, has been sentenced to life in prison following the conclusion of proceedings at Chengde Intermediate People's Court on Thursday on charges of taking bribes. It is a second high-profile financial executive sentenced in one week.

He was also stripped for any political rights for life, in addition to all personal property being confiscated, the verdict said.

Hu, also former secretary of the CDB committee of the Communist Party of China, is accused of taking advantage of his various posts and status to corruptly assist associates to obtain bank credit, business operation and promotions, between 2009 and 2019.

In return, he accepted money and gifts worth more than 85.52 million yuan ($12.23 million), according to the court indictment.

Lai Xiaomin, former chairman of China Huarong Asset Management Co, was sentenced to death for taking huge bribes and bigamy, with his political rights withdrawn and all assets being confiscated, a court in North China's Tianjin ruled on Tuesday. 

He directly or through third parties, accepted or solicited money and assets worth more than 1.79 billion yuan, the court said. 

Global Times

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