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Former Bank of China Chairman Liu Liange has been sentenced to death with a two-year reprieve for corruption and illegal loan issuance, marking a significant development in China's ongoing anti-corruption campaign.
The verdict was delivered by a court in Jinan City, Shandong Province, on November 26, 2024.
Liu was found guilty of accepting bribes totalling over 121 million yuan (approximately $16.8 million) during his tenure at the Bank of China and the Export-Import Bank of China.
The court revealed that he had facilitated the illegal issuance of loans amounting to more than 3.32 billion yuan, which resulted in substantial financial losses exceeding 190 million yuan (about $27 million) for the state.
In addition to the death sentence, Liu has been stripped of all political rights for life, and his assets will be confiscated.
The court mandated that all illicit gains must be returned to the state treasury. His suspended sentence means that if he demonstrates good behaviour over the next two years, he could potentially avoid execution.
Liu's case is part of a broader crackdown on corruption within China's financial sector, which has intensified under President Xi Jinping's administration.
This initiative has led to the expulsion and prosecution of numerous high-ranking officials and executives.
Liu is notably the second prominent banker to face such severe repercussions; earlier this month, Lou Wenlong, a former vice president at the Agricultural Bank of China, was also expelled from the Communist Party for corruption-related offences.
The anti-corruption drive has seen a significant number of financial officials implicated, reflecting Xi's commitment to eradicating graft across various sectors.
Liu's sentencing follows a series of similar cases involving other high-profile bankers who have received suspended death sentences or harsher penalties for similar crimes.