Former Boss of Citic Bank Admits Taking $154 Million of Bribes

What’s New: Sun Deshun, former president of state-owned China Citic Bank, pleaded guilty Tuesday to allegations of taking nearly 1 billion yuan in bribes.

The sentence will be pronounced at a later date, according to the trial court in Jinan, Shandong province.

Sun, 63, was accused of using his positions in several state-owned banks to offer favorable loans and credit to businesses between 2003 and 2019 in exchange for bribes totaling 980 million yuan ($154 million).