Former bank chief tried on corruption charges
(Agencies)
Updated: 2005-07-14 15:21

Former vice chairman at state-run Bank of China in Hong Kong (BOCHK), Liu Jinbao, has been tried on corruption charges, more than two years after he was removed from his post.

Prosecutors accused Liu of embezzling 14.48 million yuan (US$1.75 million), of which he personally pocketed 7.72 million yuan.

Former vice chairman at state-run Bank of China in Hong Kong (BOCHK), Liu Jinbao, seen in this undated photo, has been tried on corruption charges, more than two years after he was removed from his post. [AFP]

Fellow top bank executives Zhu Chi and Ding Yansheng were in the dock at the same court in the northeastern city of Changchun.

They were charged with conspiracy to embezzle 9.27 million yuan, of which they personally gained 2.11 million yuan, the report said.

A third official, Zhang Debao, former head of BOCHK's general office and a close aide of Liu, was charged with embezzling 9.72 million yuan, of which he siphoned off 1.42 million yuan.

The court reserved judgement after the two-day trial concluded Wednesday.

The corruption scandal erupted when Liu was suddenly removed from his post in 2003 and summoned to Beijing following an investigation into illegal loans made in connection with Shanghai property mogul Zhou Zhengyi, who was later jailed.

Liu was at first exonerated of any wrongdoing even as the loans in question allegedly made during his tenure at the Bank of China's Shanghai branch were being probed.

He was then formerly sacked in February 2004 and charged with financial crimes. Liu's colleagues were arrested in August.

China's 2004 state audit report made public last month uncovered billions of dollars of graft and misappropriation even as the state-run media questioned the government's resolve in fighting corruption.

It record 9.06 billion yuan (US$1.1 billion dollars) in misappropriated funds by central government departments and 14.5 billion yuan by top state companies.