Ex-ICBC Branch Head Gets 10.5-Year Sentence in Bribery Case
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The Liupanshui Intermediate People’s Court in Guizhou on Sept. 8 sentenced former ICBC executive Xu Hai to 10 years and six months in prison for bribery. Photo: Liupanshui Intermediate People’s Court
A Chinese court on Tuesday sentenced Xu Hai, a former provincial branch head at Industrial and Commercial Bank of China Ltd. (ICBC), to 10 and a half years in prison for accepting more than 12 million yuan ($1.8 million) in bribes.
The case against the 63-year-old banking veteran, whose misconduct spanned two decades at China’s largest commercial lender, highlights persistent corruption risks within the country’s state-owned financial system as Beijing continues its anti-graft campaign.
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