BEIJING: A former executive at one of China’s largest state-run banks was sentenced to 20 years in prison for bribery Friday, state media reported, as part of a widespread corruption crackdown on the country’s financial sector.
He Xingxiang, who once served as vice president of the China Development Bank, was issued the sentence by a Beijing court for “accepting bribes, illegally issuing financial instruments, illegally granting loans, and concealing overseas deposits”, state broadcaster CCTV reported.
The report stated that He’s crimes took place from 2006 until 2021, when he was placed under investigation by authorities.
He, 60, was also issued a fine of 5.1 million yuan (nearly $720,000), said CCTV.
China’s President Xi Jinping has waged a sweeping campaign against deep-seated official corruption since coming to power a decade ago.
Proponents say the policy promotes clean governance, while critics say it helps Xi purge political rivals.
Recently, the campaign has targeted some of the country’s top financiers.
In December, another former vice president of the China Development Bank – Zhou Qingyu – was arrested under suspicion of accepting bribes.
And last week, the former chairman of state-owned Chinese banking giant Everbright Group was arrested on suspicion of corruption and bribery.
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