Caixin
Sep 13, 2016 07:36 PM
CHINA

Former Bank Exec Expelled from Party in Sex and Money Scandal

A former executive of China's top development bank has been kicked out of the ruling Communist Party of China for abusing his power in a variety of ways, including influence-peddling involving money and sex, the party's anti-graft watchdog said Tuesday.

Yao Zhongmin, former head of the supervisory board of China Development Bank (CDB) and a member of the party, violated party discipline rules by "obtaining gifts and money, engaging in power-for-sex and money-for-sex deals and securing interest for other people and getting benefits in return," the Central Commission for Discipline Inspection (CCDI) said on its website.

The central commission, which announced its investigation into Yao on June 6, did not provide further details about Yao's offenses.

Yao, who retired from the bank in 2013, will be stripped of his pension and medical benefits. In addition, whatever property and other benefits he gain will be confiscated, the commission said.

The decision has been approved by the ruling party's Central Committee, according to the commission.

Yao, born in 1952, worked in the banking system for almost 30 years. He became the vice president of the Henan provincial branch of China Construction Bank in 1989 and was promoted to president of the branch three years later.

In 1993, he worked briefly as the vice governor of Henan province, and a year later he began to work at CDB as vice governor, the same year the bank was established.

In 2006, he was elected director of the third session of the board of directors of energy giant Sinopec Corp., according to the company's website. Two years later, he became the head of CDB's supervisory board.

Contact reporter Coco Feng at (renkefeng@caixin.com); editor Ken Howe at kennethhowe@caixin.com

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