A Chinese court has sentenced Liu Liange, the CEO of one of the world’s largest banks, Bank of China, to death. However, he received a 2-year reprieve, during which the sentence will not be carried out if he behaves well in prison.
Liange was convicted of bribes of 121 million yuan ($17 million) and illegal loans of 3.3 billion yuan ($462 million). All his assets will be confiscated.
The convict is one of the highest-ranking bankers in China and turned out to be a victim of the major anti-corruption campaign in the financial sector launched by President Xi Jinping in 2021. Two other financial officials were also convicted before him.
At the beginning of this year, Xi Jinping promised to step up the fight against corruption in finance and energy and to show no mercy, although in mid-2022 he declared victory in the fight against corruption.
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