Xu Guojun, the head of the Bank of China’s southern China branch who was brought down by President Xi Jinping’s anti-corruption investigation, has been sentenced to life in prison.
The newspaper wrote that former bank director Xu Guojun was stripped of his political rights and all his assets were confiscated after it was revealed that he had previously embezzled several billion forints. BBC.
Chinese authorities accuse Xu Guojun of embezzling 2.3 billion yuan (112 billion Hungarian forints) between 1993 and 2001.
According to the court report, Xu Guojun and two of his former employees exploited loopholes in the lending system and obtained fake loans. The former director’s two partners were sentenced to 12 and 13 years in prison.
Xu Guojun fled to the United States in 2001, but was deported to China two years ago. The former president said he would not appeal the ruling.
Goojun fell after the Chinese government announced in the spring that it would pay more attention to the fight against corruption and thus announce large-scale investigations. During the investigations, several high-level financial managers at state-owned banks were fined, imprisoned, or placed under investigation. For example, the former head of the China Life Insurance Corporation, Wang Bin, was sentenced to life in prison for bribery, and the current head of the Bank of China has also been charged with corruption. Liu Liang He resigned from his position in March.
It appears that China has accelerated the process of cleaning up the country’s financial sector. The government confirmed that the investigations have not yet ended.
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