Former bank official charged with bribery

He Xingxiang, former vice president of China Development Bank, was charged with taking bribes worth 66.36 million yuan ($9.7 million) during a public hearing held at Beijing No 3 Intermediate People's Court on Tuesday.

The 59-year-old was also found to have illegally issued loans and financial bills and concealed overseas deposits. He pleaded guilty and the court said it will issue its verdict later.

Prosecutors said from 2006 to 2021, He made use of his multiple positions including as head of the Hainan and Shandong branches of the Bank of China, vice president of the Agricultural Development Bank of China and vice president of China Development Bank, to provide assistance to relevant companies and individuals in loan examination and approval and personnel arrangements.

In return, He accepted money or property equivalent to about 66.36 million yuan from others directly or through his relatives.

From 2012 to 2014, while serving as the head of the Shandong Branch of the Bank of China, He violated the rules to issue letters of credit and guarantees for enterprises worth about 6.35 billion yuan or $104 million.

He also issued loans of more than 1.82 billion yuan to companies in violation of regulations during this period.

Additionally, He controlled and concealed the accounts of his relatives, which had more than 33.69 million yuan.

His crimes include taking bribes, issuing financial bills in violation of regulations, illegally issuing loans and concealing overseas deposits, prosecutors said.

He began working in 1982. He was placed under investigation in September 2021 and expelled from the Party and dismissed from his post in January.

In February, the National Supervisory Commission completed its investigation and the Beijing People's Procuratorate approved his arrest.