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Former Bank of China executive detained on charges of bribery

Former Bank of China executive detained on charges of bribery

Former Bank of China executive detained on charges of bribery

Former Bank of China executive detained on charges of bribery

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  • Former Bank of China executive detained on charges of bribery.
  • Liu served as the chairman of the state-owned bank from 2019 to 2023.
  • These allegations included the illegal issuance of loans.
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The former chairman of the Bank of China, Liu Liange, has been arrested on suspicion of bribery and the illegal granting of loans.

Liu served as the chairman of the state-owned bank from 2019 to 2023 and resigned from his position in March of the same year.

Shortly thereafter, authorities revealed that Liu was facing corruption charges, making him one of the highest-ranking bankers to become entangled in President Xi Jinping’s anti-corruption campaign targeting China’s vast $60 trillion financial sector.

The efforts to eliminate corruption from China’s financial industry seem to be intensifying, with warnings in April from officials that the crackdown was ongoing.

Several prominent financial executives from state-owned banks have already faced fines, imprisonment, or investigations. For instance, Wang Bin, the former chairman of China Life Insurance, received a life sentence without parole for bribery.

Liu’s arrest occurred about a week after his expulsion from China’s ruling Communist Party, following allegations of misconduct by China’s top anti-graft watchdog, the Central Commission for Discipline Inspection.

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This regulatory body accused Liu of engaging in a range of illicit activities that posed significant financial risks. These allegations included the illegal issuance of loans, importing banned publications, and accepting bribes and other privileges, such as access to private clubs and ski resorts, by exploiting his position within the bank.

Liu Liange was a prominent figure in China’s banking and financial sector and had held senior roles in China’s central bank and the Export-Import Bank of China before being promoted to chairman of the Bank of China in 2019.

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