The former chairman of the Bank of China, Liu Liange, has been indicted on bribery charges, as announced by prosecutors on Monday. This development adds to the ongoing efforts of Chinese leader Xi Jinping's campaign against corruption. Liu is facing accusations of abuse of power from his roles at the Bank of China and as the past president of the Export-Import Bank of China, according to a statement released by the Supreme People’s Procuratorate on social media.
Allegations against Liu include facilitating loans and influencing personnel appointments in exchange for personal gains such as property and cash. Moreover, it is reported that he granted loans in violation of regulations, resulting in substantial financial losses. These charges stem from an investigation spanning over 10 months and have been filed in Jinan, located in Shandong province in eastern China.
The Bank of China, a state-owned financial institution and one of China's prominent 'Big Four' banks, possesses a significant global presence, making the impact of such a case noteworthy in financial circles. The relentless anticorruption crusade spearheaded by Xi Jinping continues to target individuals across various sectors of society, thus far proving to be a significant mechanism for the Chinese government to combat corrupt practices.
Recent cases, such as the arrest of Tang Shuangning, the former chairman of China Everbright Group, highlight the severe consequences individuals face when implicated in financial malpractice. While convictions in these situations are almost assured, with severe penalties including capital punishment and lengthy prison sentences, such stringent actions underscore the seriousness with which the Chinese government addresses corruption allegations.
In a message delivered to the Communist Party's discipline commission earlier this year, Xi Jinping emphasized the need for sustained efforts in the fight against corruption, acknowledging the challenges of the current environment. Not limited to financial institutions, the recent trial of the ex-chairman of the Chinese Football Association on bribery charges, involving a substantial amount, underscores the broad scope of corruption across diverse sectors in China.
The high-profile nature of these cases underscores the continued commitment to combating corruption within China, with leaders such as Xi Jinping reaffirming their determination to maintain the integrity of governance and business practices within the country.
