Investigation of former China Development Bank executive begins

Chinese prosecutors have begun an investigation into Yao Zhongmin, former chairman of the board of supervisors at China Development Bank (CDB), on suspicion of taking bribes, the Supreme People's Procuratorate said on Oct 10.

Yao, formerly deputy chief of the Communist Party of China (CPC) committee at CDB, has been placed under "coercive measures," which may include summons by force, bail, residential surveillance, detention and arrest, according to the SPP.

The CPC Central Commission for Discipline Inspection (CCDI) announced in September that Yao had been expelled from the Party and removed from office.

He was found to have violated Party rules and code of conduct, obstructed the investigation, showed no remorse repentance nor attempted to rectify his wrongdoing even after having been punished for violating the Party's thrift rules, the CCDI said.

It added that Yao had violated the CPC's clean governance rules by accepting gifts and money and engaged in power-for-sex and money-for-sex deals.

Yao may also have committed the crime of bribery by using his power to secure interests for others and receiving money and gifts in return.