China Development Bank former chairman jailed for life

China Development Bank former chairman jailed for life

Hu Huaibang becomes 2nd high-profile financial executive sentenced in a week

BEIJING (Reuters) — China Development Bank’s former chairman Hu Huaibang has been sentenced to life in prison for bribery, a Chinese court said on Thursday, marking the second high-profile financial executive sentenced in a week.

Hu, who was arrested last February, was convicted of receiving bribes totaling 85.52 million yuan ($13.24 million) between 2009 and 2019, the Chengde Intermediate People’s Court of Hebei Province said in a statement on its official WeChat account.

Hu joined the China Development Bank in 2013 and was also the top official of the ruling Communist Party unit at one of the country’s largest policy banks. He stepped down in September 2018.

China Development Bank did not immediate respond when asked for comment. Reuters was unable to contact Hu or his lawyer for immediate comment.

A court in Tianjin this week sentenced the former chairman of China Huarong Asset Management Co, Lai Xiaomin, to death.