Former Chinese bank boss arrested on corruption charges – Xinhua

Liu Liange’s reported detention comes as part of widespread anti-corruption efforts in Beijing

The former chairman of the state-owned Bank of China, has been arrested on suspicion of bribery and issuing illegal loans, the Xinhua news agency reported on Monday.

Liu Liange's arrest comes as part of a widespread anti-corruption crackdown by the authorities in Beijing. According to Xinhua, he has been accused of a range of crimes related to the illegal granting of loans and bringing banned publications into the country.

The 62-year-old, who was Bank of China chairman from 2019 to 2023, is also alleged to have used his position to procure bribes and accept gifts and entertainment at private clubs and ski resorts.

Liu announced in March that he was stepping down from his position, several weeks before the authorities revealed that he was facing corruption charges.

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His arrest, which was reportedly ordered by the Supreme People’s Procuratorate (SPP), comes around a week after Liu was formally expelled from the ruling Communist Party following an investigation by the Central Commission for Discipline Inspection (CCDI).

Liu is the latest high-profile figure to be detained as part of widespread anti-corruption efforts ordered by President Xi Jinping into the country’s $60 trillion financial sector.

Xi has made fighting corruption a key policy issue since becoming president a decade ago. The campaign enjoys considerable public support, although critics claim it allows the president to consolidate power by replacing rivals with loyalists in key positions.

Wang Bin, the former chairman of China Life Insurance, was sentenced to life in prison without the possibility of parole last month for involvement in bribery. Several other prominent banking or financial sector executives have been fined, imprisoned, or are under investigation for alleged crimes.