Caixin
Jul 07, 2020 05:33 PM
FINANCE

Former ICBC Branch Head Took Almost $20 Million in Bribes

What’s new: 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 (link in Chinese) 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.

What’s the background: Gu was put under investigation and removed from his roles at ICBC’s Shanghai branch last year. In recent years, China has stepped up anti-corruption efforts in the financial sector.

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: Update: Executive of China’s Largest Bank Accused of Taking Enormous Amount of Bribes

Contact reporter Tang Ziyi (ziyitang@caixin.com) and editor Marcus Ryder (marcusryder@caixin.com)

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