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China sentences former senior ICBC banker to life for bribery

BEIJING: China sentenced Gu Guoming, a former senior banker at Industrial and Industrial Financial institution of China (ICBC), to life in jail after being discovered responsible of bribery, state media mentioned on Thursday (Aug 12).

China’s prime anti-graft physique has put high-profile monetary officers underneath elevated scrutiny in recent times, with a give attention to the banking sector since 2019, to halt corruption linked to high-risk loans and official appointments.

Gu, beforehand the pinnacle of ICBC’s Shanghai department, was additionally stripped of his political rights for all times, after being convicted of taking about 136 million yuan (US$21 million) in bribes from 2005 to 2019, in line with the decision given by the Shanghai No.1 Intermediate Folks’s Courtroom, Xinhua information company reported.

Gu was accused of profiting from his varied positions at ICBC to hunt favours for others, and assisted some people and corporations to acquire financial institution credit score and investments.

“The quantity is extraordinarily large and has triggered heavy losses to the pursuits of the nation and its folks,” in line with the decision.

Gu pleaded responsible, and helped get well most of his bribes, mentioned the report, citing the courtroom verdict.

In January, China sentenced the previous chairman of China Improvement Financial institution, Hu Huaibang, to life in jail for bribery.

In the identical week, a courtroom within the northern metropolis of Tianjin sentenced the previous chairman of China Huarong Asset Administration, Lai Xiaomin, to dying, over corruption.

Reuters was unable to contact Gu for remark. ICBC didn’t instantly reply to a request for remark.

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