Banker Gets Death Sentence for Abuse of Power

CHINADAILY

Former banker gets death sentence with reprieve for graft

BEIJING – Wang Yi, former vice president of the China Development Bank, was sentenced to death with a two-year reprieve here on Thursday for taking bribes.

Wang, 54, was found to have abused his power when serving as vice president of the bank to make profits for others in return for bribes totaling 11.96 million yuan (about $1.76 million) from November 1999 to February 2008.

He was also deprived of his political rights for life and had all of his personal assets confiscated, according to the Beijing No. 1 Intermediate People’s Court.

In February last year, Wang was removed from his post and the Communist Party of China (CPC) Central Commission for Discipline Inspection, the ruling party’s internal anti-graft body, stripped him of his CPC membership for “severe violation of discipline and the law.”

4closureFraud

Comments
3 Responses to “Banker Gets Death Sentence for Abuse of Power”
  1. Stupendous Man - Defender of Liberty - Foe of Tyranny says:

    That’s what I call accountability.

  2. Michael says:

    Can we send ours to China? Since a lot of it was Chinese money they ultimately were lending — there’s a strong argument the servicing companies defrauded both the borrowers and also those who funded their garbage trusts — I like the idea of letting them be tried under Chinese law.

  3. Sparky says:

    Now there is a justice system that works! 🙂

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