Former top banker in China pleads guilty to US$12 million corruption after being caught in Xi Jinping’s sweep

Hu Huaibang, former party secretary and chairman of the China Development Bank, used status and resources to receive millions illegally over 10 years

More than 1 million officials have been punished in President Xi’s crackdown on corruption

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Hu Huaibang pleaded guilty to taking advantage of his positions to illegally receive money and goods. Photo: Weibo

Published: 7:39pm, 30 Jul 2020Updated: 10:52pm, 30 Jul 2020

A former top banker in China pleaded guilty on Thursday to illegally receiving more than US$12 million after being caught last year in President Xi Jinping’s sweeping campaign against corruption.

Hu Huaibang, former party secretary and chairman of the China Development Bank, had taken advantage of his positions to illegally receive money and goods worth a total of 85.5 million yuan (US$12.1 million) between 2009 and 2019, heard a court in northern Chengde city.

The accusations included using his status – and staff in other countries – to help obtain and increase bank credit lines, set up an auto finance company, and help with job promotions, reported the state-run People’s Daily.

Hu Huaibang, former chairman of China Development Bank, admitted trading power for financial gains, and taking bribes directly or through his relatives. On Thursday, he pleaded guilty to illegally receiving more than US$12 million. Photo: Weibo

Hu pleaded guilty at the hearing attended by more than 30 people including national, provincial and municipal people’s congress representatives, the report added.

He will be sentenced at a later date.