The aftermath of past corruption at state-owned giant China Citi Bank continues to play out, this time with its former president being called out by for taking «huge» bribes by the party's anti-graft agency.
Sun Deshun, the former president, had taken «a huge amount» of bribes, according to the Central Commission for Discipline Inspection (CCDI), the Communist Party’s anti-corruption body. Sun had allegedly abused his power for the benefit of his relatives and friends while using loan approval as a bargaining chip against borrowers.
«Sun Deshun failed to maintain political integrity and consider in 'big picture’ terms,» the CCDI statement (Mandarin only) said, naming two of the party’s commonly cited «Four Consciousness». «[He] had lost his ideals and beliefs.»
Sun joined Citic in late 2011 after previous stints with state-owned «big four» banks CCB and ICBC.
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According to a «Caixin» report citing unnamed sources, the Shanghai and Hong Kong-listed Citic under Sun’s watch had issued enormous loans to large private firms including the famed binge buyer HNA. The Chinese conglomerate, which ended its buying spree and now nears a state takeover – made headline acquisitions in the past few years including New York’s Waldorf Astoria Hotel.
Sun was put under investigation seven months ago after resigning from Citic. Around the same time, Hong Kong regulators were reportedly investigating Citic for its offshore financing activities with borrowers that allegedly included HNA.
