China

Ex-Bank of China Chairman Expelled From Communist Party

 

The former chairman of the state-owned Bank of China has been expelled from China’s Communist Party, over claims of bribe-taking and illegal activities, it was announced on Saturday.

Liu Liange was accused of illegally granting loans and causing significant financial risks, the Central Commission for Discipline Inspection (CCDI) said in a statement on its website.

He also brought prohibited publications into the country and illegally took bribes and accepted entertainment at private clubs and ski resorts, said the commission, which is responsible for tackling corruption in the 97 million-member party.

 

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Liu, born in 1961, had been working in banking and finance institutions, including in the central People’s Bank of China and the Export-Import Bank of China, before he was promoted to become chairman of the Bank of China in 2019.

Liu resigned from that position in mid-March this year.

Two weeks later, state media reported that the CCDI had opened an investigation into him on suspicion of serious violations of party discipline and laws.

Fighting corruption to advance the party’s “self-revolution” has been a signature policy of President Xi Jinping since he became supreme leader in 2012.

Xi’s campaign against corruption is popular among a public fed up with widespread graft. It has also helped him consolidate power by replacing rivals with loyalists, analysts have said.

 

  • Reuters with additional editing by Sean O’Meara

 

Read more:

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China Chip Fund Head Investigated for Corruption

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Sean O'Meara

Sean O'Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.

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