Former Bank of China chairman Liu Liange arrested for corruption
Bank of China
Liu Liange, the former chairman of the Bank of China, was arrested for suspected bribery and giving illegal loans, Xinhua news agency reported on Monday (Oct 16).
In February, the state-owned bank said that Liu had resigned and had been removed from his position as Communist Party chief.
In the following month, the 62-year-old was probed for alleged "severe violations of discipline and law", China's top anti-corruption watchdog said.
Media reports mentioned that the Central Commission for Discipline Inspection and the State Supervision Commission said in a one-sentence statement that Liu is suspected of "serious violations of discipline and law".
Liu is among the highest-ranking financial executives to be targeted in Chinese leader Xi Jinping's clampdown on the financial sector.
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Xinhua reported on Monday that the Supreme People's Procuratorate had "taken the decision to arrest Liu Lian'ge on suspicion of taking bribes and illegally granting loans".
The state news agency further said that his case has been "transferred to the procuratorate for review and prosecution... and is currently under further processing".
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Xi has launched a campaign on deep-seated official corruption since coming to power in 2012. Those who support such actions say that the policy promotes clean governance, butcritics say it helps Xi purge political rivals.
Last year, Wang Bin, the former chairman of China Life Insurance Co., was ensnared and prosecuted in January for alleged bribery and concealing offshore deposits.
(With inputs from agencies)
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