Liu Liange, the former chairman of the Bank of China, has been handed a severe sentence by a Chinese court. He’s been given the death penalty, but with a two-year reprieve, for accepting massive bribes and issuing loans to unqualified companies .
Liu’s actions were found to be seriously corrupt, with the court discovering that he had taken over 121 million yuan, equivalent to $16.8 million, in bribes during his time as chairman. Furthermore, he facilitated loans worth 3.32 billion yuan to companies that didn’t meet the necessary criteria, resulting in significant financial losses of over 190.7 million yuan, or $27 million.
As part of his sentence, Liu will be stripped of his political rights for life, and his personal assets will be confiscated. The court has also ordered that his ill-gotten gains be recovered and handed over to the state.
