China: Former ICBC Branch Head Took Almost $20 Million in Bribes

Gu Guoming, a former head of Industrial and Commercial Bank of China Ltd.’s (ICBC) Shanghai branch, took nearly 137 million yuan ($19.5 million) in bribes between 2008 and 2019, a Shanghai court said in a statement released on Tuesday following a hearing.

Authorities initially found out that Gu had taken bribes worth nearly 5.9 million yuan, and Gu confessed to accepting another 131 million yuan in illicit payments, according to the statement.

Prosecutors accused Gu of taking advantage of his positions at ICBC to seek benefits for individuals and companies in obtaining loans and project contracts, the statement said. ICBC is the country’s biggest lender by assets.

The original full article can be found at caixinglobal.com

(Photo: 视觉中国)

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