China: Another exec at China’s biggest policy bank accused of graft

A former operating chief of China Development Bank, the nation’s biggest policy lender, has been placed under investigation by the Communist Party’s graft-buster on suspicion of taking bribes worth millions of yuan, sources with knowledge of the matter told Caixin.

Zhang Maolong, 68, is being investigated by the Central Commission for Discipline Inspection (CCDI) and the local anti-corruption agency in Beijing, according to an official statement released on Monday. The corruption watchdogs said Zhang was being investigated for “suspicion of serious violation in [party] discipline and law” — a common euphemism for graft — without giving details.

The probe comes eight years after Zhang’s retirement. Zhang joined CDB in 2000 and eventually became a chief operating officer in 2010. He retired from the post in February 2013.

During Zhang’s three-year term, he received millions of yuan in bribes, including from a private company involved in the construction of a CDB branch office buildings, the sources said.

The case of Zhang Linwu, a former senior CDB official who was put under investigation in January, also alleges bribes worth hundreds of thousands of yuan received from the same private company, the sources said. His case is connected with that of Zhang Maolong.

The original full article can be found at nikkei.com

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