Former Telecom and Bank Executive Stands Trial for Taking $9 Million in Bribes

What’s new: Li Guohua, who had headed one of China's biggest telecom carriers and a major state-owned bank, has pleaded guilty to taking over 66 million yuan ($9 million) in bribes, appearing in court more than three years into his retirement.

Li stood trial Thursday in Qingdao, Shandong province, facing charges including bribery and abuse of power. The 63-year-old was placed under investigation in February 2022, nearly two years after he retired as general manager of China United Network Communications Group Co. Ltd. (China Unicom), one of the country’s three biggest state telecom carriers.