Former top China banker pleads guilty to graft

World | AGENCE FRANCE-PRESSE 31 Jul 2020

A former top banker in China pleaded guilty yesterday to illegally receiving over 85 million yuan (HK$94.1 million) after being caught last year in President Xi Jinping's sweeping campaign against corruption.

Hu Huaibang, former party secretary and chairman of the China Development Bank, had taken advantage of his positions to illegally receive money and goods worth a total of 85.5 million yuan between 2009 and 2019, a court in northern Chengde city heard.

The accusations included using his status - and staff in other countries - to help obtain and increase bank credit lines, set up an auto finance company and assist with job promotions, reported the state-run People's Daily. Hu pleaded guilty at the hearing attended by national, provincial and municipal people's congress representatives and he will be sentenced at a later date.

Hu became chairman of China Development Bank in 2013 and held the position until September 2018.

But his connection to fallen oil tycoon Ye Jianming, chairman of CEFC China Energy, appeared to have landed him in trouble as he allegedly helped CEFC secure billions in credit lines for its overseas deals.

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