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China jails former China Development Bank chief Hu Huaibang for life for graft
- Hu convicted of taking about US$13 million in bribes over a decade
- Court’s decision comes a day after death sentence handed down to another top official found guilty of corruption
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A former top official of China’s key policy bank was sentenced to life in prison for taking the equivalent of more than US$13 million in bribes, state media reported on Thursday.
The Chengde Intermediate People’s Court in the northern province of Hebei sentenced Hu Huaibang, former Communist Party secretary and chairman of China Development Bank, to life behind bars for taking a total of 85.5 million yuan (about US$13.2 million) in bribes between 2009 and 2019, according to state broadcaster CCTV.
Hu also used his status to help others to obtain bank credit lines, and help with job promotions, according to the report.
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The court also ordered the seizure of all of Hu’s personal assets, the report said, adding that all of the bribery proceeds had been recovered. The court said Hu had decided not to appeal.
Hu’s sentencing came two days after Lai Xiaomin, former chairman of one of China’s top four state asset managers, was given a death sentence for accepting 1.79 billion yuan in bribes.
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The court said there were mitigating circumstances in Hu’s sentencing.
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