A former senior banker from the Industrial and Commercial Bank of China has been jailed for life after being found guilty of bribery, in yet another high-profile conviction against financial executives.
A Shanghai court sentenced Gu Guoming to life imprisonment and stripped him of political rights for life over bribery convictions, according to state media citing an official verdict.
A former head of ICBC’s Shanghai branch, Gu took about $21 million of bribes in exchange for favors as well as assistance to obtain bank credit and investments from 2005 to 2019.
Gu pleaded guilty and helped recover most of his bribes.
Banking Crackdown
China’s banking sector has been under increasing scrutiny in recent years in an effort to combat corruption.
In January, China sentenced the ex-China Development Bank chairman Hu Huaibang to life in prison for bribery.
And in the same week, ex-Huarong Asset Management chairman Lai Xiaomin was sentenced to death and executed over corruption.
