Beijing — Former Bank of China chairman, Liu Liange, has found himself in the crosshairs of China’s relentless anti-corruption campaign. Prosecutors announced on Monday that Liu faces bribery charges, marking another high-profile figure ensnared by President Xi Jinping’s sweeping crackdown on corruption within business and government circles.
Liu Liange, accused of exploiting his influential roles at both the Bank of China and the Export-Import Bank of China, allegedly engaged in illicit practices, involving loans and personnel appointments. The charges, as detailed by the Supreme People’s Procuratorate in a statement on social media, include assisting others with loans and personnel placements in exchange for property and cash. Additionally, Liu is charged with making loans that violate regulations, leading to substantial financial losses, according to the official Xinhua News Agency.
The indictment, following over 10 months of investigation, was filed in Jinan, situated in the eastern Shandong province of China. The Bank of China, a key player among the country’s “Big Four” banks with a significant international presence, now grapples with the fallout of its former chairman’s alleged transgressions.
This incident underscores the unyielding nature of President Xi’s anti-corruption campaign, which has witnessed the downfall of numerous influential figures. Recently, Tang Shuangning, former chairman of China Everbright Group, faced arrest on charges of embezzlement and bribery, revealing the relentless pursuit of accountability within state-owned enterprises.
Convictions in such cases appear almost certain, with a precedent set by the 2021 execution of the former head of a state-owned asset management company for bribery. President Xi, addressing the Communist Party’s discipline commission earlier this year, emphasized the ongoing gravity and complexity of the battle against corruption, urging intensified efforts to uphold discipline.
Beyond the financial sector, the anti-corruption crusade extends its reach, as exemplified by the recent trial of the former chairman of the Chinese Football Association. Accused of accepting bribes totaling 81 million yuan ($11.2 million), this case further highlights the far-reaching implications of President Xi’s drive to cleanse the nation’s institutions from corruption.