Liu Liange, former Party chief and chairman of Bank of China, is sentenced to death with a two-year reprieve in a first-instance trial on November 26, 2024 for accepting large sums in bribes. The sentence was delivered by the Jinan Intermediate People's Court in East China's Shandong Province. Photo: People's Daily

Liu Liange, former Party chief and chairman of Bank of China, was sentenced to death with a two-year reprieve in a first-instance trial on Tuesday for accepting large sums in bribes. The sentence was delivered by the Jinan Intermediate People's Court in East China's Shandong Province, according to China Central Television (CCTV).

During his tenure from 2010 to 2023, Liu took bribes of 121 million yuan ($16.7 million) to assist with loans, projects, and personnel arrangements. He approved illegal loans amounting to 3.32 billion yuan from 2017 to 2020, causing losses of over 190.7 million yuan.

Liu was sentenced to death with a two-year reprieve, stripped of his political rights for life and had all personal assets seized. He also received a 10-year prison term and a 150,000 yuan fine for illegal loan issuance. His illicit gains and their proceeds will be seized and handed over to the state treasury, according to CCTV.

Liu Liange, 63, a native of Northeast China's Jilin Province, was expelled from the Party in 2023 and formally indicted in February 2024.

In recent years, China has stepped up its crackdown on financial sector corruption. This November, some officials from major state-owned banks, including the Industrial and Commercial Bank of China, China Construction Bank, were investigated for bribery and embezzlement, according to the Central Commission for Discipline Inspection's website.

Global Times