Chinese authorities launch inquiry into former senior bankers for corruption
Date
3/13/2024 6:10:07 AM
(MENAFN) According to state-run media reports on Wednesday, Chinese authorities have initiated an inquiry into former senior bankers on suspicion of corruption.
Li Jiping, a former vice president of the state-owned China Development Bank, is reportedly undergoing disciplinary and supervisory investigations.
"Li, also formerly a member of the bank's committee of the Communist Party of China (CPC), is being investigated by the CPC Central Commission for Discipline Inspection and the National Supervisory Commission for suspected severe violations of discipline and the law," the agency reported, quoting an official release.
The recent development follows a Chinese court's decision last month to sentence the former Leader of China Merchants Bank Co. (CMB) to death with a two-year reprieve. He was convicted on charges of accepting bribes and engaging in insider trading.
In January of this year, the Central Commission for Discipline Inspection, China's foremost anti-corruption body, announced that 110,000 Chinese Communist Party officials, including 45 senior officials, were facing disciplinary action for corruption-related offenses.
Leader Xi Jinping's campaign against corruption in China has resulted in the removal and punishment of numerous high-ranking officials, with some even facing execution. Notably, last year, Xi removed two top ministers from their positions, one of whom was Defense Chief Li Shangfu, who is reportedly under investigation for corruption.
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