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Ex-Guangfa Bank chairman under probe
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LI Ruohong, former board chairman of China Guangfa Bank, is under investigation for corruption, the Supreme People’s Procuratorate of China said yesterday.
Guangfa Bank is partially owned by Citigroup, which acquired a 20 percent stake in the Guangzhou-based lender in 2006.
Li, 59, was the chairman and Party secretary of Guangfa Bank since December 2006 until he resigned on health grounds in June 2009. On the day he resigned, the lender’s former Executive Director and Vice President Wang Xin was charged with corruption. Wang was sentenced to four years in jail in 2010 for taking HK$800,000 (US$103,208) in bribes while overlooking the disposal of the bank’s 58 billion yuan (US$9.4 billion) non-performing assets.
Li was later appointed the deputy director of the financial services office of Guangdong Province in August 2009, two months after he left the bank. He retired from the post in June last year. However, the procuratorate did not reveal if the corruption charges were related to his tenure at the bank or at the provincial office.
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