Ex-banker jailed for corruption
Print Edition
THE former chairman of the Industrial and Commercial Bank of China in Shanghai, Gu Guoming, was jailed for life yesterday for taking bribes.
He has also been deprived of his political rights and his personal property confiscated, Shanghai No. 1 Intermediate People’s Court said.
Gu was convicted of taking 136 million yuan (US$21 million) in bribes. The money has been recovered and handed over to the National Treasury.
The court found that between 2005 and 2019, Gu took advantage of his position as vice president, president and Party secretary of ICBC in Shanghai, to provide illegitimate assistance to individuals and companies to get loans and construction contracts. The court said the sheer size of the bribe that Gu took was extremely huge and he should be sentenced to jail for the rest of his life, or even death, and have his property confiscated.
However, since Gu had confessed to all his crimes and returned his illicit gains, he got a lenient punishment, the court said in its verdict.
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