October 16, 2023 -BBC News –The former chairman of the Bank of China has been arrested over suspicions of bribery and giving illegal loans.
Liu Liange, chairman of the state-owned bank from 2019 to 2023, had resigned from his position in March this year.
Weeks later, authorities announced Mr Liu was facing corruption charges.
The 62-year-old is one of the most senior bankers to be ensnared in President Xi Jinping’s anti-corruption probe into China’s $60 trillion (£49 trillion) financial sector.
The push to weed out corruption from the country’s financial industry appears to be ramping up, with officials in April warning that the crackdown was far from over.
Several high profile financial executives from state-owned banks have already been fined, jailed, or under investigation – with former chairman of China Life Insurance Wang Bin sentenced to life in prison without parole for bribery.
Mr Liu’s arrest comes just about a week after he was expelled from China’s ruling Communist Party following accusations of wrongdoing by the country’s top anti-graft watchdog China’s Central Commission for Discipline Inspection.
The regulator accused Mr Liu of a range of illicit activities which led to significant financial risks.
These include accusations of illegally granting loans, bringing banned publications into the country and using his position in the bank to accept bribes and other perks such as invitations to private clubs and ski resorts.
Mr Liu had been a prominent figure in China’s banking and financial sector, and had held senior positions in China’s central bank and the Export-Import Bank of China. He was promoted to become chairman of the Bank of China in 2019.