Li Li, a former Communist Party chief and president of the Beijing branch of the Export-Import Bank of China (Exim Bank), has pleaded guilty to charges of taking almost 100 million yuan ($14.5 million) in bribes, sources with knowledge of the matter told Caixin.
Between 2010 and 2020, Li abused her power as general manager of the Transport Financing Department of the Exim Bank and then as head of the policy bank’s Shanghai branch, to facilitate deals in the loan and guarantee business for a handful of companies in exchange for the bribes, prosecutors said in a court in Yunnan province last week, according to the sources.
The amount received by Li herself or together with others totaled 93.9 million yuan, the sources cited the prosecutors as saying. The bribers were Hong Kong-listed China Aircraft Leasing Group Holdings Ltd., Indian investment company Essar Group, an unnamed German shipbroker, and European shipping company Evergas A/S.
Li, known as the “godmother” of China’s shipping industry, was among several executives in China’s fast-growing shipping finance sector who were investigated for graft. She was expelled from the party and removed from public office, China’s top anti-graft watchdog announced in September, eight months after she was put under investigation.
Contact reporter Zhang Yukun (yukunzhang@caixin.com) and editor Bertrand Teo (bertrandteo@caixin.com)
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