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Former Bank of China boss arrested
On charges of bribery and making unlawful loans, the former chairman of the Bank of China has been detained.
In March of this year, Liu Liange, who served as the state-owned bank’s chairman from 2019 to 2023, announced his resignation.
Authorities declared Mr. Liu was charged with corruption a few weeks later.
One of the most senior bankers to fall victim to President Xi Jinping’s anti-corruption investigation into China’s $60 trillion (£49 trillion) financial sector is the 62-year-old.
Officials in April issued a warning that the crackdown was far from finished in their efforts to eradicate corruption from the nation’s financial sector. This suggests that the campaign is intensifying.
The former chairman of China Life Insurance, Wang Bin, was sentenced to life in prison without the possibility of release for bribery. Several high-profile financial executives from state-owned institutions have already been fined, imprisoned, or are under investigation.
After being accused of wrongdoing by China’s top anti-corruption agency, the Central Commission for Discipline Inspection, Mr. Liu was removed from the country’s ruling Communist Party and arrested only about a week later.
The agency charged Mr. Liu with a number of illegal practices that put his assets at danger.
These include claims that he gave loans without authorization, brought in publications that were prohibited, and used his position at the bank to receive bribes and other benefits including invitations to exclusive clubs and ski resorts.
Mr. Liu, a well-known personality in China’s banking and finance industry, held important roles at both the Export-Import Bank of China and the country’s central bank. 2019 saw his promotion to chairman of the Bank of China.
who is Liu Liange
The National Supervisory Commission of China is now looking into the Chinese banker Liu Liange for possible corruption.
He formerly held the positions of president and board vice chairperson of the Bank of China from 2018 to 2019, as well as board chairman and party secretary from 2019 to 2023.
He was detained in March 2023 on bribery charges and might receive a 10-year prison term.
Before joining the Bank of China, Liu held the positions of vice president from 2007 to 2015 and president of the Export-Import Bank of China from 2015 to 2018.
Additionally, he served as director of the People’s Bank of China’s Anti-Money Laundering Bureau.
Liu has a master’s in economics from the Graduate School of the People’s Bank of China and graduated from the Jilin University of Finance and Economics. He belongs to the Chinese Communist Party as well.
The arrest of Liu is a part of President Xi Jinping’s larger campaign against corruption in China. High-ranking figures in the government and industry have been the focus of the crackdown.
Due to the fact that Liu is the most senior banker to have been detained thus far in the crackdown, his case is very important.
It is significant to remember that Liu has not yet received a criminal conviction. He is still being looked at, and his innocence is still pending.
His arrest, though, shows how severe China’s corruption issue is and how determined the government is to address it.
bank of china new york
A division of the Bank of China, one of the biggest and oldest banks in China, is the Bank of China New York, also known as BOC NYC. It is an American company that provides financial services to people, businesses, and organizations with connections to China.
A variety of banking services, such as commercial banking, trade financing, foreign exchange, and other financial goods, are offered by the Bank of China New York. It is essential in making it possible for China and the US to conduct financial transactions.