FINANCE

Former Chinese Banker Battles 12-Year Bribery Sentence

Published: Jun. 25, 2026 2:09 p.m. GMT+8

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Dang Junzhang

Dang Junzhang, a former heavyweight at Postal Savings Bank of China (PSBC) (601658.SH), is fighting a 12-year prison sentence for bribery, denying all charges in a rare challenge to China’s sweeping financial anti-corruption campaign.

Sentenced in April for allegedly taking 7.98 million yuan ($1.2 million), Dang once oversaw more than 3 trillion yuan annually as head of the state-owned bank’s financial market department.

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Dang Junzhang, former PSBC financial market department head, sentenced to 12 years for bribery of 7.98 million yuan, denies all charges.
Appeal contests bribe delivery of 5 million yuan in two suitcases on a high-speed train, citing lack of evidence and coerced confession.
His criminal case is delaying a related civil appeal by Huatai Securities over the Meijite ABS default.

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Postal Savings Bank of China: Postal Savings Bank of China (PSBC) is a state-owned bank. Its former financial market department head, Dang Junzhang, was sentenced to 12 years for bribery, allegedly accepting 5 million yuan to push PSBC's purchase of flawed Meijite ABS. He denies all charges and is appealing.

Huatai Securities: Huatai Securities is involved in a civil lawsuit related to the Meijite asset-backed securities default. In May 2025, a Shanghai court suspended its civil appeal over the case, pending the outcome of the criminal appeal of former PSBC executive Dang Junzhang.

AI generated, for reference only