Jul 19, 2024 04:44 AM
FINANCE
Ex-VP of China’s Biggest Policy Bank Admits Taking $3.2 Million in Bribes
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Wang Yongsheng
What’s new: Wang Yongsheng, a former vice president of the China Development Bank, has pleaded guilty to accepting bribes totaling 23.5 million yuan ($3.2 million), the latest in a long line of executives convicted on corruption charges.
Wang stood trial on Thursday in Jilin, northwest China, nearly six months after his arrest. During the trial, Zhou admitted his guilt and expressed remorse. The court said that sentencing will be announced at a later date.
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- Wang Yongsheng, a former China Development Bank VP, pleaded guilty to accepting 23.5 million yuan ($3.2 million) in bribes.
- His misconduct spanned from 2010 to 2019, and he has been expelled from the Communist Party; sentencing is pending.
- This case is part of China's broader anti-corruption campaign; over 30 CDB officials have been implicated in recent years.
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Who’s Who
- China Development Bank
- The China Development Bank (CDB) is the country's largest policy lender, often involved in financing, bond subscriptions, and job placements. It has faced numerous graft scandals involving top executives. Wang Yongsheng, its former vice president, recently pleaded guilty to accepting bribes. He worked under Hu Huaibang, a previous chairman sentenced to life for bribery. The bank has seen over 30 senior and mid-level officials implicated in corruption investigations.
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What Happened When
- Between 2010 and 2019：
- Wang's misconduct occurred during his tenures at China Development Bank as the chief of the Liaoning provincial branch and later as its vice president.
- 2011：
- Wang Yongsheng became a vice president at the China Development Bank.
- 2021：
- Former CDB chairman Hu Huaibang was sentenced to life in prison for accepting bribes.
- July 2023：
- Wang came under investigation by China's top anti-graft agency.
- January 2024：
- Wang was arrested and expelled from the Communist Party.
- Thursday, July 18, 2024：
- Wang Yongsheng stood trial and pleaded guilty to accepting bribes.
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