(MENAFN) In a continuation of Chinese leader Xi Jinping's relentless anticorruption campaign, prosecutors announced on Monday that Liu Liange, the former chairman of the Bank of China, has been indicted on charges of bribery. Liu Liange stands accused of exploiting his influential positions within both the Bank of China and the Export-Import Bank of China, where he previously served as president. The Supreme People’s Procuratorate outlined allegations against him, stating that he purportedly engaged in activities such as facilitating loans and manipulating personnel appointments in exchange for personal gain in the form of property and cash. Additionally, Liu Liange is charged with violating regulations by approving loans that resulted in substantial financial losses.
The indictment against Liu Liange, following over 10 months of investigation, was filed in Jinan, located in the eastern province of Shandong, China. The Bank of China, a state-owned entity recognized as one of the "Big Four" banks in the country, boasts a significant international presence, adding weight to the gravity of the allegations against its former chairman.
This latest development underscores the unwavering momentum of Xi Jinping's anticorruption campaign, which has been characterized by the downfall of numerous high-ranking officials in both business and government sectors. Tang Shuangning, the former chairman of China Everbright Group, another state-owned bank, was recently arrested on suspicion of embezzlement and bribery, further highlighting the relentless pursuit of accountability within China's economic and political spheres.
Xi Jinping's anticorruption initiative, widely supported by the Chinese public, has not only resulted in the removal of corrupt officials but has also served as a means for consolidating power and sidelining potential political adversaries. As the campaign persists, it underscores the Chinese government's commitment to combating corruption at all levels and ensuring accountability within its institutions.
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