Sep 13, 2024 06:56 PM
FINANCE
ICBC’s Onetime Chief Graft-Buster Pleads Guilty to Taking Bribes
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The former head of ICBC’s anti-corruption task force, Liu Lixian, stands trial Thursday in Dezhou Intermediate People’s Court in East China’s Shandong province. Photo: Dezhou Intermediate People’s Court
A man who was once in charge of combating graft at Industrial and Commercial Bank of China Ltd. (ICBC), the world’s largest commercial bank by assets, has pleaded guilty to accepting more than 17 million yuan ($2.4 million) in bribes, a local court announced Thursday.
Prosecutors accused Liu Lixian of taking the bribes from 1998 to 2022, a period in which he held positions including head of state-owned ICBC’s anti-corruption task force, according to Dezhou Intermediate People’s Court in East China’s Shandong province.
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- Liu Lixian, former anti-corruption head at ICBC, pleaded guilty to accepting over 17 million yuan ($2.4 million) in bribes from 1998 to 2022.
- He granted business and job favors in return and turned himself in last year amid China's intensified anti-corruption efforts.
- Liu, 70, was also expelled from the Communist Party and charged with bribery this year. The exact date of his verdict has not been disclosed.
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Who’s Who
- Industrial and Commercial Bank of China Ltd.
- Industrial and Commercial Bank of China Ltd. (ICBC) is the world’s largest commercial bank by assets. Liu Lixian, who spearheaded the bank's anti-corruption task force, was recently embroiled in a bribery scandal involving over 17 million yuan from 1998 to 2022. He turned himself in last year during China's intensified crackdown on financial corruption and was expelled from the Communist Party in January.
- China Huarong Asset Management Co. Ltd.
- China Huarong Asset Management Co. Ltd. is a state-owned bad-asset manager that has faced multiple scandals. Liu Lixian, the man guilty of accepting bribes, served as an executive vice president at Huarong's predecessor in 2003.
- Mengshang Bank Co. Ltd.
- The article mentions Mengshang Bank Co. Ltd. in the context of corruption investigations, stating that Zhao Guangjiong, a former anti-graft official at the bank, has been ensnared in the ongoing crackdown on corruption within the banking sector in China. No additional details about the bank itself are provided in the article.
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What Happened When
- 1998：
- Liu Lixian began taking bribes while holding various positions.
- 2003：
- Liu Lixian became executive vice president at the predecessor of China Huarong Asset Management Co. Ltd.
- 2005：
- Liu Lixian took the helm as head of ICBC’s graft-busting task force.
- 2022：
- Liu Lixian stopped taking bribes.
- 2023：
- Liu Lixian turned himself in amid China’s intensified crackdown on corruption in finance.
- January, 2024：
- Liu Lixian was expelled from the Communist Party following an investigation.
- May, 2024：
- Liu Lixian was charged with bribery.
- Thursday, 2024-09-12：
- A local court announced Liu Lixian's guilty plea for accepting over 17 million yuan in bribes.
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