Caixin
Dec 28, 2020 07:32 PM
FINANCE

Retired Banker Punished for Bribery

What’s New: Guo Jizhuang, a former regional branch manager of state-owned China Construction Bank Corp. (CCB), was expelled from the Communist Party for bribery and other violations, according to a Wednesday statement (link in Chinese) from the top anti-graft agency.

He was deprived of retirement privileges, including a pension. The statement said that evidence of his suspected crimes will be transferred to the procuratorial authorities.

What’s the background: Guo, 67, was put under graft investigation in June, nearly five years after his retirement. He had worked at CCB, one of the largest lenders in the country, since 1977 and much of his career was spent in the northwestern province of Qinghai.

According to the statement, the banking veteran was also accused of illegally owning shares in CCB’s client companies, playing golf courtesy of clients, and resisting investigation.

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

Related: Dismissed Policy Bank Official Involved in Bribery

Contact reporter Guo Yingzhe (yingzheguo@caixin.com) and editor Heather Mowbray (heathermowbray@caixin.com)

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