The former Chairman of the Bank of China, Liu Liange, has been arrested on corruption charges, as reported by Chinese state media. Liu, who led the state-owned bank from 2019 until March of this year, was detained on suspicion of bribery and providing illegal loans. His case has been transferred to the procuratorate for further review and prosecution.
Liu’s arrest follows his expulsion from the Chinese Communist Party about a week ago, following allegations of misconduct by the country’s anti-corruption watchdog, the Central Commission for Discipline Inspection. The accusations against Liu encompass various illicit activities, such as granting loans unlawfully, importing banned publications, and accepting bribes and other illicit benefits using his position.
Liu Liange is a well-known figure in China’s financial sector, having previously held senior positions in the central bank and the Export-Import Bank of China. President Xi Jinping has led a comprehensive anti-corruption campaign since taking office in 2012, which has led to the investigation and prosecution of numerous high-ranking financial executives at state-owned banks.
It’s worth noting that critics have argued that President Xi uses corruption charges to eliminate his political rivals.
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