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Former Chairman of China Development Bank Sentenced to Life in Prison for Graft

Business China China anti-corruption campaign China Business & Economy China Development Bank Chinese banks Chinese Regime Companies Hu Huaibang

Former Chairman of China Development Bank Sentenced to Life in Prison for Graft

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A Chinese court has sentenced Hu Huaibang, the former chairman of China Development Bank (CDB), to life in prison on bribery-related crimes. He is the second high-profile financial executive to be sentenced this week. The Intermediate People’s Court of Chengde city, in China’s Hebei Province, handed down the sentence on Jan. 7. Hu’s personal property will also be confiscated by authorities. Hu, who was arrested last February, was convicted of receiving bribes totaling 85.52 million yuan ($13.24 million) between 2009 and 2019, the court said in a statement on its official WeChat account. Hu is accused of giving preferential treatment to businesses and individuals in the form of bank loans, business operations, and job promotions in exchange for bribes. Hu, 64, has held high-ranking positions in the Chinese Communist Party (CCP)’s financial system. He joined the CDB in 2013. He was also director and Party chief of the Xi’an branch …

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