Former head of China Development Bank expelled from Communist Party, facing prosecution

Hu Huaibang accused of exploiting his position for financial gain and taking bribes directly or through his relatives, anti-corruption watchdog says

Official also lived a decadent lifestyle and refused to cooperate during his investigation

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Hu Huaibang, the former boss of China Development Bank, is facing prosecution on corruption charges. Photo: Weibo

Published: 7:05pm, 11 Jan 2020Updated: 5:05pm, 17 Feb 2020

The former head of a Chinese state bank has been expelled from the Communist Party for serious violations of discipline and laws, and is set to face criminal prosecution, according to the country’s anti-corruption watchdog.

Hu Huaibang, a former chairman of China Development Bank (CDB), is accused of exploiting his position for financial gain and taking bribes directly or through his relatives, the Central Commission for Discipline Inspection said in a statement on Saturday.

“The investigation found that Hu violated the eight-point code on party and government conduct, sought profits for others in personnel promotion by taking advantage of his posts, wantonly traded power for money, and connived with his relatives, allowing them to use his influence to seek personal gains,” it said.

CDB plays a key role in the financing of infrastructure schemes at home and abroad. Photo: Getty Images

CDB is one of China’s three policy banks, and issues loans at the direction of Beijing. It plays a crucial role in the financing of domestic infrastructure schemes and strategic investments overseas, including projects under the Belt and Road Initiative.

The other two policy banks are the Agricultural Development Bank of China and the Export-Import Bank of China.