The former chairman of the Bank of China, Liu Liange, has been handed a suspended death sentence with a two-year reprieve for corruption and the illegal issuance of loans.
He must not be implicated in any crime in the next two years or his life will be taken as per the judgement.
A court in Jinan, Shandong Province, found Liu guilty of accepting bribes worth over 121 million yuan ($16.8 million).
He also facilitated loans totalling more than 3.32 billion yuan to unqualified companies, causing financial losses exceeding 190.7 million yuan ($27 million).
The court ruled that Liu exploited his roles at the Export-Import Bank of China and Bank of China to grant favours, such as financing, project approvals, and personnel placements, in exchange for bribes.
His political rights were revoked for life, and his personal assets will be confiscated, with all illicit gains returned to the state treasury, as reported by Xinhua News Agency.
Liu’s conviction follows the recent expulsion of Lou Wenlong, a former Agricultural Bank of China vice president, from the Communist Party for corruption.
Similarly, Wang Yixin, a former vice governor of Heilongjiang Province, faces prosecution for accepting substantial bribes.
President Xi Jinping’s anti-corruption campaign, initiated in 2012, has led to the punishment of over a million officials, including high-ranking military officers and former defense ministers.
