Former Bank of China chairman gets suspended death sentence for bribery

Former Bank of China Chairman Liu Liange has been sentenced to a suspended death penalty for bribery and the illegal issuance of loans.

The court in Shandong province sentenced Liu to death with a two-year reprieve, meaning the sentence will only be executed if he commits further crimes during this period. If the reprieve is upheld, the sentence will be converted to life imprisonment, Caliber.Az reports citing foreign media.

Liu, born in 1961, had a long career in banking and finance, including roles at the People's Bank of China and the Export-Import Bank of China, before becoming chairman of the Bank of China in 2019. In October of the previous year, the Communist Party expelled Liu, accusing him of engaging in illegal activities and accepting bribes.

The ruling is part of China's broader anti-corruption crackdown, which has targeted high-ranking officials in the financial sector. Liu is among several prominent figures, including former deputy central bank governor Fan Yifei, who have been sentenced for similar offenses. Fan was also given a death sentence with a two-year reprieve in October.

Liu exploited his position to facilitate promotions for others in exchange for bribes, totaling more than 121 million yuan (about $17 million). The court noted that Liu had "truthfully confessed" to his crimes, and most of the stolen money and property had been recovered, leading to the decision to suspend the death penalty.

During his tenure at China Export-Import Bank and Bank of China, Liu was found to have violated regulations by approving loans worth over 3.32 billion yuan, resulting in a loss exceeding 190 million yuan.

By Vafa Guliyeva