China: Former Policy Bank Chief Stands Trial on $12 Million Bribery Charge

A former chairman of policy lender China Development Bank (CDB) linked to a secretive business tycoon is now under investigation, in the latest case of China’s years-long campaign against corruption in the financial sector.

Hu Huaibang, who retired as CDB chairman in September, has been placed under investigation for alleged “serious violations of (Communist Party) discipline and law” — a euphemism for corruption, the Central Commission for Discipline Inspection, the party’s top anti-graft agency, said in a statement Wednesday (link in Chinese).

China’s sweeping campaign to clean up corruption at regulatory agencies and companies has resulted in numerous senior officials and tycoons falling from their lofty positions, including Ye Jianming, founder of privately-owned energy and financial conglomerate CEFC China Energy Co. Ltd. The 42-year-old tycoon was put under investigation by the authorities in early 2018.

The original full article can be found at caixinglobal.com

(Picture: VCG)

 

 

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