| 21 June 2024, Friday |

China expels former Bank of China chairman from Communist Party

The top anti-graft watchdog announced on Saturday that China’s governing Communist Party had ousted the former head of the state-owned Bank of China after accusing him of engaging in illicit activity and accepting bribes.

The Central Commission for Discipline Inspection (CCDI) posted a statement on its website accusing Liu Liange of giving loans in violation of the law and creating serious financial hazards.

He also brought prohibited publications into the country and illegally took bribes and accepted entertainment at private clubs and ski resorts, said the commission, which is responsible for tackling corruption in the 97 million-member party.

Reuters was not immediately able to contact Liu to seek comment.

Liu, born in 1961, had been working in banking and finance institutions, including in the central People’s Bank of China and the Export-Import Bank of China, before he was promoted to become chairman of the Bank of China in 2019.

Liu resigned from that position in mid-March this year.

Two weeks later, state media reported that the CCDI had opened an investigation into him on suspicion of serious violations of party discipline and laws.

Fighting corruption to advance the party’s “self-revolution” has been a signature policy of President Xi Jinping since he became supreme leader in 2012.

Xi’s campaign against corruption is popular among a public fed up with widespread graft. It has also helped him consolidate power by replacing rivals with loyalists, analysts have said.

  • Reuters