Liu Liange, the former chairman of the Bank of China and party committee secretary, was arrested on Monday by the Supreme People’s Procuratorate. The arrest follows an investigation by the State Supervision Commission into allegations including bribery, illegal loan issuance, and smuggling banned publications into China. Liu is known for his long tenure at the Export-Import Bank of China and is a notable figure in China’s financial sector.
The Jilin-born senior economist is facing serious charges including violations of discipline and law, neglecting his duties in financial risk prevention, and irregularly interfering in credit projects. Liu’s arrest marks a significant turning point as he is the first high-ranking official from a central management financial enterprise to be implicated since the 11th National Congress of the Communist Party of China.
The case against Liu was officially announced on March 3 this year, indicating an escalation in anti-corruption efforts within state-owned enterprises and the finance sector. Liu’s arrest is part of President Xi Jinping’s rigorous anticorruption campaign initiated in 2012.
This campaign has led to the indictment of numerous high-ranking executives at state banks. A similar case involves Wang Bin, former chairman of China Life Insurance, who was convicted and sentenced to life imprisonment without the possibility of parole last month for accepting bribes worth 325 million yuan ($44.6m).
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