Former Bank of China chairman Liu Liange on Tuesday received a suspended death sentence for bribery and illegal loan issuance, state media reported, according to Reuters.
He was sentenced to death with a two-year reprieve by a court in China’s Shandong province. The sentence, per reports, will be executed if he commits further crimes during the period. He would have a life sentence if reprieved.
China’s anti-graft watchdog has intensified its crackdown on the financial sector, targeting high-profile figures such as Liu Liange, former chairman of the Bank of China, and Fan Yifei, a former deputy central bank governor sentenced to death in October for accepting bribes, with a two-year reprieve.
According to state broadcaster CCTV, Liu was found guilty of abusing his position to secure promotions for others and accepting bribes totaling more than 121 million yuan ($17 million). While the court acknowledged Liu’s confession and the recovery of most of the illicit funds, it opted to delay the enforcement of the death penalty.
During his tenure at China Export-Import Bank and the Bank of China, Liu unlawfully approved loans exceeding 3.32 billion yuan, resulting in losses of over 190 million yuan, CCTV reported.
Liu, born in 1961, had a decades-long career in banking and finance, holding roles at the People’s Bank of China and the Export-Import Bank of China before being promoted to chairman of the Bank of China in 2019.
In October 2023, the Chinese Communist Party expelled Liu, accusing him of illegal activities and corruption.