Former deputy head of China Development Bank being prosecuted for taking bribes, issuing illegal loans
Published: May 06, 2022 01:44 PM Updated: May 06, 2022 01:36 PM
People walk past the headquarters of China Development Bank in Beijing. Photo: CFP

People walk past the headquarters of China Development Bank in Beijing. Photo: CFP

Beijing's procuratorial organs moved to prosecute He Xingxiang, former deputy head of China Development Bank for allegedly taking bribes, issuing loans illegally and concealing offshore deposits, according to a statement published by the Supreme People's Procuratorate. 

According to prosecution and charges raised against He, he took advantage of his position to seek benefits for companies and for himself, as well as illegally accepting other people's properties with a huge amount of money. 

He also violated banks' rules by issuing letters of credit and guarantee for other people, as well as illegally issuing loans which are of extremely huge amount and resulting in heavy losses. 

The statement also noted that He violated national regulations by concealing offshore deposits with a relatively large amount. 

He has taken a number of executive roles at domestic banks, including head of Bank of China's branch in Hainan, deputy head of Agricultural Development Bank of China, as well as the deputy head of China Development Bank. 

Recently, the third branch of Beijing Municipal People's Procuratorate has prosecuted the case of He to the Beijing Third Intermediate People's Court, according to the aforementioned statement.

This is the latest case of a senior level Chinese financial government official being prosecuted for criminal liabilities, as China beefed up efforts to crack down on financial corruption in recent years.

He is also the third senior executive at China Development Bank that was investigated since the 18th National Congress of the Communist Party of China. Previously, the former head of the supervisory board at China Development Bank Yao Zhongmin was jailed for 14 years and fined 3.5 million yuan for receiving bribes.

Former China Development Bank chief Hu Huaibang was jailed for life for graft. 

In February, Cai Esheng, former vice chairman of the China Banking Regulatory Commission, was also arrested on suspicion of crimes including taking bribes and abusing his power. 

Global Times