What’s new: Wang Yongsheng, a former vice president of the China Development Bank, has pleaded guilty to accepting bribes totaling 23.5 million yuan ($3.2 million), the latest in a long line of executives convicted on corruption charges.
Wang stood trial on Thursday in Jilin, northwest China, nearly six months after his arrest. During the trial, Zhou admitted his guilt and expressed remorse. The court said that sentencing will be announced at a later date.
Prosecutors said Wang exploited his positions at the China Development Bank (CDB), the country's largest policy lender, to offer favors to businesses and individuals in financing, bond subscriptions and job placement in exchange for illegal gains. Wang’s misconduct occurred between 2010 and 2019, during his tenures as the chief of the bank’s Liaoning provincial branch and later as its vice president.
Background: Wang, 66, came under investigation by China's top anti-graft agency in July 2023, five years after his retirement. He was expelled from the Communist Party in January.
Wang had years of experience in finance before becoming a vice president at the CDB in 2011. He worked under the CDB’s disgraced chairman Hu Huaibang for five years. In 2021, Hu was sentenced to life in prison for accepting bribes.
China’s campaign to stamp out corruption in the financial system has seen a number of senior officials and executives fall from their lofty positions. The CDB has been hit by a string of graft scandals involving top executives in recent years. More than 30 senior and mid-level officials at the policy bank, either former or incumbent employees, have been brought down by corruption investigations, according to Caixin’s tally.
Contact reporter Han Wei (weihan@caixin.com)
