Ex-Boss of Citic Bank Expelled From Communist Party for Bribery
What’s new: A former president of state-owned China Citic Bank Corp. Ltd. has been expelled from the ruling Communist Party for taking “a huge amount” of bribes, the party’s top graft buster said (link in Chinese) Friday.
Sun Deshun used his power to approve loans as a bargaining chip to receive large sums of money from businesspeople, the anti-corruption body said, adding that he had abused his power to seek benefits for his relatives and friends.
Sun had allowed the Hong Kong- and Shanghai-listed bank to lend enormous sums to several large privately held companies, including debt-ridden HNA Group Co. Ltd., when they were in financial trouble, sources with knowledge of the matter said.
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