Accusations of Bribery and Corruption
The former chairman of the Bank of China, Liu Liange, has been formally charged with bribery allegations, adding to the ongoing anti-corruption campaign led by Chinese President Xi Jinping. Liu is accused of using his positions in the Bank of China and Export-Import Bank of China for personal gain, including making questionable loans and personnel appointments in exchange for property and cash.
Xinhua News Agency reported that Liu, who has been under investigation for over 10 months, faces charges of causing significant financial losses due to his actions. The charges were filed in the city of Jinan, Shandong province, a strategic location for the state-owned Bank of China.
Impact of Anticorruption Drive
The anticorruption campaign spearheaded by Xi Jinping has already led to the downfall of numerous business and government officials. Tang Shuangning, the former chairman of China Everbright Group, was recently arrested on suspicion of embezzlement and bribery. The severity of the charges often results in convictions, with some individuals receiving lengthy prison sentences or even facing capital punishment.
Xi Jinping’s commitment to eradicating corruption was reiterated in a recent address to the Communist Party’s discipline commission. He stressed the importance of continuing the fight against corruption, recognizing the challenges ahead in maintaining integrity within the government and state-owned enterprises.
Broader Scope of Corruption Cases
Corruption allegations are not limited to financial institutions. Last month, the former chairman of the Chinese Football Association stood trial for allegedly accepting millions in bribes. These cases highlight the pervasive nature of corruption within various sectors in China and the government’s determination to address such misconduct.
