Caixin
Sep 14, 2021 06:13 PM
FINANCE

Former China Development Bank Official Gets 12 Years in Prison for Bribery

What’s new: Wang Xuefeng, a former head of the Shanxi provincial branch of the China Development Bank (CDB), has been sentenced to 12 years in prison (link in Chinese) for taking bribes, according to a statement issued Friday by a court in Shandong province.

The CDB is the country’s biggest policy lender by assets.

Wang was also fined 2 million yuan ($310,211) for his crime. From 2008 to 2019, Wang took 23.4 million yuan in bribes as he abused his power to offer help in various projects including loan approvals and sales of office buildings, the statement said.

The background: Wang, 60, was put under investigation in August 2020. In January, he was expelled from the Communist Party and removed from public office.

Wang was a deputy director of the CDB’s large corporate client department from 2003 to 2010, before serving as head of the CDB’s Shanxi branch (link in Chinese) from 2010 to 2016. From 2016 to 2019, he was director of a project appraisal department of the CDB.

China’s sweeping campaign to clean up corruption in its financial regulatory agencies and companies has resulted in numerous senior officials and tycoons falling from their lofty positions. In January, Hu Huaibang, a former chairman of the CDB, was sentenced to life in prison for taking bribes.

Related:

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

Quick Takes are condensed versions of China-related stories for fast news you can use.

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

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