Liu Liange, the former chairman of the Bank of China, became arrested on Monday by the Supreme Other folk’s Procuratorate on corruption charges. This well-known event marks a peculiar milestone in President Xi Jinping’s ongoing anti-corruption marketing campaign. Liu, who led the bank from 2019 unless March 2023, faces accusations of bribery, providing unlawful loans, and smuggling banned publications, as reported by Xinhua.
The arrest comes after Liu’s expulsion from the Chinese language Communist Celebration, following allegations of illicit activities from the anti-corruption watchdog. Earlier than his arrest, Liu held high-ranking positions in the direction of the central bank and the Export-Import Bank of China. His arrest follows his resignation from these roles in February 2023.
The case in opposition to Liu bears similarities to that of Wang Bin, the former chairman of China Lifestyles Insurance. Wang became sentenced to life with out parole for accepting $44.6 million in bribes. These cases assert a broader crackdown on corruption within relate-owned enterprises in China.
Critics contain raised concerns that President Xi is the usage of corruption charges to set away with political competitors. Nonetheless, supporters argue that these actions are well-known for fostering shapely governance within China’s public sector.
The case in opposition to Liu is now below simply review by the Supreme Other folk’s Procuratorate. This development underscores the increasing depth of President Xi’s anticorruption marketing campaign and its affect on China’s financial sector.
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