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Corrupt banker sentenced to death
By Wang Xiang |
April 15, 2010, Thursday
|
Online Edition
Online Edition
A FORMER top bank official was sentenced to death today with a two-year reprieve for taking nearly 12 million yuan (US$1.75 million) in bribes.
Wang Yi, 54, former vice president of state-run China Development Bank, was given the two-year probation because he pleaded guilty in court and readily confessed, Beijing No.1 Intermediate People's Court said.
According to China's criminal law, the death sentence will be commuted to life imprisonment if Wang does not break the law in two years.
The Yunnan Province native was found guilty of accepting and soliciting 11.96 million yuan, during his tenure between 1999 to 2008 at China Development Bank, in exchange of approving irregular loans, according to a previous report.
He also helped Pacific Securities, a company partly owned by his brother and sister, to get listed on the stock market in 2007. Wang was the vice chairman of China Securities Regulatory Commission from 1995 to 1999.
The court also confiscated all Wang's assets.
Wang's case caught public attention because he confessed to affairs with two Chinese female TV stars in the hearing on March 30.
A Hong Kong businessman named Li Tao testified that Wang told him to give 300,000 yuan to Zhao Wei, who starred in the TV series "Princess Pearl," when she accompanied Wang to the opening of a department store in 1999.
Li later offered about 5.38 million yuan in bribes to Wang, prosecutors said.
Wang also told Li to offer 2 million yuan to Liu Fangfei, a famous CCTV anchorwoman, to clear a home loan, Li said.
Liu told the court she and Wang were in love and they broke up two years ago because Wang's son stopped the relationship. Wang divorced his ex-wife in 1996.
Li was also generous to Wang's family, the indictment said, once giving Wang's son US$10,000 during a New Year holiday in Las Vegas.
In return, Wang helped him acquire a bank loan for an expressway project Li had contracted to build in central China's Hunan Province.
Wang Yi, 54, former vice president of state-run China Development Bank, was given the two-year probation because he pleaded guilty in court and readily confessed, Beijing No.1 Intermediate People's Court said.
According to China's criminal law, the death sentence will be commuted to life imprisonment if Wang does not break the law in two years.
The Yunnan Province native was found guilty of accepting and soliciting 11.96 million yuan, during his tenure between 1999 to 2008 at China Development Bank, in exchange of approving irregular loans, according to a previous report.
He also helped Pacific Securities, a company partly owned by his brother and sister, to get listed on the stock market in 2007. Wang was the vice chairman of China Securities Regulatory Commission from 1995 to 1999.
The court also confiscated all Wang's assets.
Wang's case caught public attention because he confessed to affairs with two Chinese female TV stars in the hearing on March 30.
A Hong Kong businessman named Li Tao testified that Wang told him to give 300,000 yuan to Zhao Wei, who starred in the TV series "Princess Pearl," when she accompanied Wang to the opening of a department store in 1999.
Li later offered about 5.38 million yuan in bribes to Wang, prosecutors said.
Wang also told Li to offer 2 million yuan to Liu Fangfei, a famous CCTV anchorwoman, to clear a home loan, Li said.
Liu told the court she and Wang were in love and they broke up two years ago because Wang's son stopped the relationship. Wang divorced his ex-wife in 1996.
Li was also generous to Wang's family, the indictment said, once giving Wang's son US$10,000 during a New Year holiday in Las Vegas.
In return, Wang helped him acquire a bank loan for an expressway project Li had contracted to build in central China's Hunan Province.
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