China’s anti-corruption body expels ex-central bank deputy Fan Yifei from Communist Party for ‘serious violations’
- Fan Yifei is the most senior central banker sacked as part of Beijing’s anti-corruption campaign in the financial sector over the past two years
- He accepted invitations to banquets, travel, golfing and private clubs, while he also took gifts and cash, China’s top anti-corruption body said
A former deputy governor of China’s central bank has been expelled from the Communist Party and dismissed from public office for “serious violation of discipline and law”, the country’s top anti-corruption body said on Friday.
He is the most senior central banker to be placed under investigation as Beijing has stepped up its crackdown on corruption in the financial sector over the past two years.
The Central Commission for Discipline Inspection (CCDI) said that Fan had “ignored” the spirit and principle of the party and also accepted invitations to banquets, travel, golfing and private clubs against regulations, while he also took gifts and cash against the rules.
He relied on finance, but also fed on finance
Fan, who was found to have engaged in “superstitious activities”, also used his position to seek benefits for others, allowing his relatives to be paid without doing any work, the CCDI said.
He also “traded power for personal gain and sex”, interfering in law enforcement activities, the anti-corruption agency said.
“He relied on finance, but also fed on finance,” it added.
The statement described Fan as “reckless” and someone who had no “bottom line” of discipline and law.
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Fan was also accused of using his position within the financial industry to obtain loans for others and “illegally accepting large amounts of property”.
“Fan Yifei seriously violated the party’s political discipline, organisational discipline, integrity discipline, work discipline, and life discipline, which constituted a serious duty violation and was suspected of accepting bribes and should be dealt with seriously,” CCDI said.
It added that Fan’s “illegal” gains would be confiscated and that he would be prosecuted in “accordance with the law”.
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Fan is a veteran banker who spent most of his career with China Construction Bank before becoming a deputy governor of the central bank in 2015.
He has also been a key driver of China’s digital currency transition.
