A court verdict in the southwestern municipality of Chongqing has revealed how Jiang Bin, a former official of the Export-Import Bank of China (Exim Bank), took bribes and illegally approved loans to a local businessman worth 220 million yuan ($33.7 million).
In 2013 and 2014, Jiang, then a deputy head of the policy lender’s Chongqing branch, directed the bank to issue loans to Yuan Yumao despite him being ineligible to receive financing from the bank. Jiang also fabricated loan application materials, according to a ruling released Thursday by an intermediate people’s court in the city. The court said that Jiang knew a large part of the loan was embezzled by Yuan and had accepted 1 million yuan from him as a bribe.
The ruling upheld a previous judgment by a district court in Chongqing in which Yuan was sentenced to five years in prison for offering bribes.
The original full article can be found at caixinglobal.com