BEIJING (AP) – Former chairman of China’s top state-owned bank that pushed for Beijing’s initiative to build railways and ports in dozens of Asian countries has been sentenced to life in prison on corruption charges, a court has announced.
Hu Huaibang was sentenced Thursday after being convicted of receiving 85.5 million yuan ($ 13.2 million) in bribes between 2009 and 2019, according to the Intermediate People’s Court in Chengde, a city north of Beijing. He was said to use his site to help other people get jobs and loans.
Hu was also secretary of the Communist Party of the Development Bank of China, one of the richest lenders in the world.
The CBD is the main source of funding for the multimillion-dollar Belt and Road Initiative to expand trade through the construction of railroads, highways, ports, airports, power plants and other facilities in an arc of South Pacific countries through ‘Asia, Africa and the Middle East in Europe.
The BIS has sparked complaints that some countries are left with debts they cannot pay. There was no indication that Hu’s prosecution was related to the BIS.
The court said Hu’s sentence was lenient because he confessed and handed over the bribe money.
Sometimes convictions for economic crimes in China carry the death penalty.
In another case, the former chairman of another government financial institution, Lai Xiaomin of Huarong Asset Management Co., was sentenced to death on Tuesday on charges of taking bribes.