China imposed a death penalty with possible suspension on former Bank of China governor Liu Liange for corruption, marking an increase in oversight over the country’s $66 trillion financial sector.
Liu’s penalty includes a two-year suspension period and the confiscation of all his assets, state broadcaster China Central Television reported on Tuesday (26). The sentence means he could be spared execution if he behaved during this period.
Liu was one of the most senior bankers to be involved in a broad crackdown on corruption in the financial sector unleashed by President Xi Jinping in late 2021. His sentencing followed those of at least two other senior financial officials this year, as Xi presses forward with his campaign .
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Liu, who was investigated in March last year, was found guilty of accepting more than 121 million yuan ($17 million) in bribes and illegally facilitating the granting of 3.3 billion yuan in loans, according to with the report.
His downfall comes on top of hundreds of employees and financial executives involved in a sweeping anti-corruption campaign that shows no signs of slowing down. Xi pledged earlier this year to deepen anti-corruption efforts in sectors from finance to energy and to show “no mercy” in the fight, even after declaring initial victory in mid-2022.
Other financial executives who were given suspended death sentences include Tian Huiyu, the former chairman of China Merchants Bank, Sun Deshun, a former chairman of China Citic Bank, and Wang Bin, a former chairman of China Life Insurance.
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Lai Xiaomin, the former chairman of China Huarong Asset Management, was executed in January 2021 for corruption and other crimes.
© 2024 Bloomberg L.P.
