Former Bank of China chairman sentenced for bribery and corruption

In China, a court on November 26, 2024, sentenced Liu Liange, the former chairman of the state-owned Bank of China, to a suspended death sentence. Liu was found guilty of accepting bribes and granting loans illegally, taking advantage of his previous senior roles in top financial institutions including the People's Bank of China and Export-Import Bank of China. The court's decision was based on Liu's actions from 2010 to 2023, where he accepted over 121 million yuan in bribes in exchange for facilitating loans and project cooperations for both individuals and companies. Additionally, he was accused of approving loans to companies that had not met requisite qualifications, leading to significant financial losses. Liu's sentence includes a two-year reprieve due to his 'truthful confession' and recovery of misappropriated funds. If he maintains good behavior, his sentence may be reduced to life imprisonment. This case reflects the ongoing anti-corruption campaign led by the Chinese Communist Party, aimed at consolidating power while tackling pervasive corruption among high-ranking officials. The campaign has led to investigations of numerous leaders and executives across the country since its inception, with the CCP emphasizing a zero-tolerance approach. Liu's sentencing and the overall crackdown on corruption highlight the serious implications for financial governance and political accountability within the country. The ruling may serve as a warning to other officials involved in corrupt practices, emphasizing the CCP's commitment to fighting corruption with strict measures in the financial sector.