Caixin
Mar 20, 2020 07:57 PM
FINANCE

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.

What happened previously: Sun was put under investigation by the authorities in September, about seven months after he resigned as Citic Bank’s president, Caixin revealed at the time.

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.

Quick Takes are condensed versions of China-related stories for fast news you can use. To read the full Caixin article in Chinese, click here.

Related:

Exclusive: Former Head of Citic Bank Is Under Investigation

Contact reporter Tang Ziyi (ziyitang@caixin.com) and editor Lin Jinbing (jinbinglin@caixin.com)

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