Caixin
Jul 21, 2020 07:37 PM
FINANCE

Former Policy Bank Official Falls Under Investigation

What’s new: Yang Degao, a former deputy head of the Hubei branch of China Development Bank (CDB), the top policy lender in the country, has been put under investigation by anti-graft watchdogs on suspicion of serious violations of law and Communist Party discipline, according to an official statement (link in Chinese) on Tuesday.

What’s the background: The investigation is being carried out by two teams: one dispatched to the bank by the country’s top anti-graft agency, and the other from the central Hubei province’s top anti-graft agency. The details of why he came under investigation remain unclear.

Yang has been retired since September 2018, according to the statement.

In an earlier case, another CDB official, its former chief Hu Huaibang, was being prosecuted (link in Chinese) in Hebei province for allegedly taking huge bribes.

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

Related: In Depth: Former Policy Bank Chief Used Personnel Shifts, Strong-Arm Tactics to Funnel Loans

Contact reporter Guo Yingzhe (yingzheguo@caixin.com) and editor Marcus Ryder (marcusryder@caixin.com)

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