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Former Guangfa Bank chairman under probe over bribery
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FORMER board chairman at China Guangfa Bank Co Li Ruohong is under the investigation by the People’s Procuratorate of Guangdong Province for taking bribes, the Supreme People’s Procuratorate of China said on its website today.
Guangzhou-headquartered Guangfa Bank is partially owned by Citigroup, which acquired a 20 percent stake in the joint stock bank in 2006.
Li, 59, was the chairman and party secretary of the bank since December 2006 until he resigned for health issues in June 2009.
On the same day that Li tendered his resignation, former executive director and vice president of Guangfa Bank Wang Xin was arrested for corruption. Wang was sentenced to a four-year imprisonment in 2010 for taking bribe of HK$800,000 when he led the disposal of the bank’s non-performing assets of 58 billion yuan (US$9.4 billion).
Li was later appointed the deputy director of financial services office of Guangdong in August 2009, two months after he left the bank.
However, the procuratorate did not disclose if the bribery was related to his tenure with the bank or the provincial financial services office.
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