A former vice-president at China Development Bank has been arrested and faces charges that include taking more than 10 million yuan (HK$11.34 million) in bribes, Caijing magazine reported yesterday.
Wang Yi lost his job at the bank in June last year when officials detained him and launched an investigation.
The bank is being restructured from a policy bank into a commercial lender.
The Supreme People's Procuratorate issued an arrest order on January 22, based on a party disciplinary officials' probe that Wang accepted bribes and took advantage of his positions in the bank and the mainland securities regulator, the Beijing-based magazine quoted sources as saying.
Wang was a vice-chairman of the China Securities Regulatory Commission (CSRC) and its predecessor from 1992 to 1999 in charge of stock issuance and investment funds, and has been the State Development Bank's deputy governor since then.
State media have reported the 53-year-old was involved in extending loans and facilitating stock market listings for unqualified companies, unveiling an intricate web of corruption and patronage involving a number of senior government officials and leading companies.
