Former Bank chairman sentenced to d3ath for accepting bribe

Liu Liange, former chairman of the Bank of China, has been sentenced to death with a two-year reprieve for taking bribes and approving illegal loans.

A court in Jinan, in China’s Shandong Province, found Liu guilty of accepting bribes amounting to more than 121 million yuan, equivalent to about $16.8 million.

The court also ruled that he authorised loans worth 3.32 billion yuan to companies that were not qualified to receive them, resulting in losses exceeding 190.7 million yuan, or about $27 million.

According to the Xinhua News Agency, Liu abused his positions at both the Export-Import Bank of China and the Bank of China by granting favours in return for bribes. These favours included help with loan financing, project transactions and personnel arrangements.

Aside from the death sentence with reprieve, Liu has been permanently stripped of his political rights, and all his personal assets have been confiscated.

The court also ordered that all illegal proceeds obtained by Liu be recovered and transferred to the state…CONTINUE MORE READING>>>