Former Bank of China boss arrested on bribery charges

Liu Liange was the chairman of the Bank of China since 2019 until he resigned from his post in mid March this year

Derek Cai

NBC News

Due to allegations of corruption and providing improper loans, the former Bank of China president has been detained.

Liu Liange, who served as the state-owned bank’s president from 2019 to 2023, left his position in March of this year.

Officials revealed Mr. Liu was facing fraud charges months afterwards.

The 62-year-old is one of the senior bankers involved in President Xi Jinping’s anti-corruption investigation into the$ 60 trillion(£ 49 trillion ) financial sector in China.

Officials in April issued a warning that the assault was far from above as part of the effort to eradicate corruption from the nation’s economic sector.

Wang Bin, the former president of China Life Insurance, was given a life sentence in prison without parole for bribery. Many well-known economic executives from state-owned bankers have already been fined, arrested, or are the subject of investigations.

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The Central Commission for Discipline Inspection, China’s top anti-graft watchdog, accused Mr. Liu of crime, leading to his expulsion from the Communist Party, which controls China, shortly after his arrest.

The governor charged Mr. Liu with a variety of illegal actions that put him in serious financial danger.

Among them are claims that he granted funding improperly, brought banned magazines into the nation, accepted bribes, and used his position at the bank to accept invitations to exclusive clubs and snow resorts.

Mr. Liu had held top positions in China’s central banks and the Export-Import Bank of China. He was a well-known number in the banking and financial sectors of the country. In 2019, he received a promotion to get president of the Bank of China.