More convictions are being dished out to top executives in China’s financial sector including the latest life imprisonment sentence given to the former chairman of the mainland’s largest policy lender.
China Development Bank’s (CDB) ex-chairman Hu Huaibang was sentenced to life imprisonment yesterday over bribery, according to a court statement (Mandarin only).
He was convicted for taking 85.5 million yuan ($13.2 million) of bribes from 2009 to 2019 and in return, he used his position to facilitate financing, business operations and promotions for others.
Hu, who accepted the sentence, will also face deprivation of political rights for life and confiscation of all personal property, the statement added.
Industrywide Crackdown
Hu’s life imprisonment sentence marks yet another example in the crackdown on China’s financial sector which itself is undergoing major shifts that involve reducing fintech and shadow banking participation.
Most recently, Lai Xiaomin, ex-chairman of top bad debt manager Huarong was sentenced to death over bribery, bigamy and collusion to embezzle public funds. This follows another death sentence issued to former Hengfeng chairman Jiang Xiyun in December 2019.
