People walk past the headquarters of China Development Bank in Beijing. Photo: CFP

 
 
A former senior official of one of China's three policy banks was tried in open court on Tuesday over four crimes, according to a court of first instance in Beijing, as the country continues a sweeping anti-corruption push in the financial sphere. 

Beijing's No.3 Intermediate People's Court held an open trial for He Xingxiang, former vice president of the China Development Bank (CDB), for taking bribes, illegally issuing financial notes, illegitimately extending loans and concealing overseas deposits, the court said in a statement on its website. 

Between 2006 and 2021, a period when He also held the posts of the head of the Hainan branch of Bank of China (BOC), the head of BOC's Shandong branch, and vice president of Agricultural Development Bank of China, the banking veteran was accused of taking advantage of his position, or using favorable conditions resulting from his authority and status, to help concerned businesses and individuals with loan approvals, personnel arrangements, and other things. 

His illegal acceptance of others' assets directly or through his relatives added up to around 66.36 million yuan ($9.69 million), read the court statement.

Additionally, He was found to have issued yuan-denominated letters of credit and letters of guarantee totaling 6.35 billion yuan when he headed BOC's Shandong branch in 2012-14. His illegal issues in dollar terms hit roughly $104 million. 

He also extended loans of 1.82 billion yuan to relevant firms in violation of state provisions. Furthermore, he turned a blind eye to a mandatory provision that requires officials to report their overseas deposits. He concealed his relatives' bank accounts, de facto within his control, that had a total of 33.69 million yuan, the court statement said.

The defendant entered a guilty plea, and the ruling will be published at a later date.

The latest court session signaled a continued battle against corrupt practices in the country's financial sector, as part of a wider anti-graft campaign across the country.

In another case, the Party disciplinary agency in Central China's Henan Province announced in early August that Guan Qifeng, former member of the Party committee and deputy director of the Henan Rural Credit Union, was under disciplinary review and supervisory investigation for suspected serious discipline and law violations.

Henan was spotlighted amid a toughening battle against graft as several village banks in the province were mired in a fund freezing scandal over the past few months.

A handful of officials with the local banking and insurance regulatory commission were announced over August to be under disciplinary and supervisory probes for alleged serious violations of discipline and law.

Global Times