A former vice president of the China Development Bank has been arrested for alleged corruption, according to Bloomberg.
This is the latest arrest in Beijing’s months-long anti-corruption campaign, which has led to the arrest of more than 20 officials in the financial sector alone.
The charges against He Xingxiang include accepting bribes, illegally issuing loans and concealing deposits abroad, according to a statement from the Supreme People’s Prosecutor’s Office on Sunday. Xingxiang came under scrutiny in September before being ousted from the Communist Party last month.
In October, China launched a nationwide anti-corruption campaign focusing on financial institutions and regulators. The intensified control of the financial system of the country, worth 54 trillion. resulted in the removal of more than 20 officials.
Cai Esheng, the former vice president of the banking regulator who retired in 2013, was arrested on charges of bribery and abuse of power.
The China Development Bank was established in 1994 and is headed by the Cabinet of Ministers of China. Its shareholders include the Ministry of Finance and the National Council of the country’s Social Insurance Fund.
Source: Capital
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