Former Bank of China chief arrested on bribery charges

Liu Liange, former head of the Bank of China, the world’s fourth largest bank, was arrested on suspicion of bribery and illegal lending.

Liu, 62, is one of the most senior bankers charged as part of Chinese President Xi Jinping’s anti-corruption probe into the $60tn (£49tn) financial sector.

Liu Liange, who was president of the state bank between 2019 and 2023, resigned from his position in March this year. Weeks later, authorities announced that Liu was facing corruption charges.

WHAT IS HE ACCUSED OF?

Liu was accused of a series of illegal activities that resulted in significant financial risks. These accusations include making illegal loans, smuggling banned publications into the country, accepting bribes using his position at the bank, and accepting perks such as invitations to private clubs and ski resorts.

Last week, Liu was accused of abuse of power by China’s Central Commission for Discipline Inspection, the country’s top anti-corruption watchdog, and was subsequently expelled from the Chinese Communist Party.

THE FIGHT AGAINST CORRUPTION HAS GAINED ACCELERATION

While efforts to root out corruption in the country’s financial sector were gaining momentum, authorities announced in April that operations would continue.

Finally, Wang Bin, former president of China Life Insurance, was sentenced to life in prison without parole for bribery.

Many senior financial executives working at state banks have also been fined, jailed or are under investigation.