The bank’s former chairman was expelled by China’s ruling party due to serious violations and the loss of his «ideals and convictions».
Hu Huaibang was expelled from his post, according to «Reuters» report citing a statement from the Central Commission for Discipline and Inspection (CCDI). The statement underlined violations such as abuse of power and allowing family members to «complain about property».
Hu joined China Development Bank in 2013 and was a top official of the Community Party unit within the policy bank before stepping down in September 2018. Investigations against Hu were first launched in July last year following suspicions of serious disciplinary violations.
Hu's name first emerged during a high profile corruption trial of Wang Sanyun, party chief of Gansu province from 2011 to 2017. At the time, prosecutors claimed that Hu had channeled bribes to Wang during his previous role as chairman of Bank of Communications. According to CCTB reports in 2018, the bribes were channeled on behalf of Ye Jianming, former chairman of conglomerate CEFC China Energy.
