Former Bank of China Chairman Receives Suspended Death Sentence in Crackdown on Financial Corruption

Former Bank of China Chairman Liu Liange has been handed a suspended death sentence for bribery, marking another significant development in President Xi Jinping’s ongoing crackdown on corruption within China’s vast financial sector, Bloomberg reports.

State broadcaster China Central Television (CCTV) reported Tuesday that Liu’s sentence includes a two-year reprieve, meaning he could avoid execution if he demonstrates good behavior during that period. All of his assets will be confiscated.

Liu’s conviction is one of the most high-profile cases in a sweeping anti-corruption campaign launched in late 2021. He is among several senior banking officials to face severe penalties this year, as Xi Jinping continues his signature anti-graft drive. According to CCTV, Liu was found guilty of accepting over 121 million yuan ($17 million) in bribes and illegally facilitating loans totaling 3.3 billion yuan. Investigations into his activities began in March of last year.

The sentence reinforces the intensified scrutiny on China’s $66 trillion financial sector. Liu’s case follows the sentencing of other high-ranking financial executives, including Tian Huiyu (former president of China Merchants Bank), Sun Deshun (former president of China Citic Bank), and Wang Bin (former chairman of China Life Insurance), all of whom also received suspended death sentences.

The severity of the punishments underscores President Xi’s unwavering commitment to eradicating corruption. Despite declaring a partial victory in his anti-corruption campaign mid-2022, Xi vowed earlier this year to deepen these efforts across various sectors, including finance and energy, pledging to show “no mercy.”