Ex-top banker expelled from Party
By Zhao Wen |
May 21, 2013, Tuesday
|
Print Edition
Print Edition
A FORMER top bank official was expelled from the Communist Party yesterday over allegations he accepted bribes and used his position to help others benefit.
Yang Kun, formerly executive director, vice president and Party committee member of the Agricultural Bank of China, was expelled following an investigation by the Party's disciplinary commission, Xinhua news agency reported.
Yang is to be handed over to prosecutors with all his ill-gotten money confiscated, the commission said.
Its announcement said Yang accepted "huge bribes" but gave no details. Earlier news reports said he might be linked to an investigation into 3 billion yuan (US$488 million) in improper loans used by a real estate developer to pay gambling debts.
Yang, a graduate of Nankai University, joined the bank in 1983. In January 2009, he took the posts of executive director and vice president.
According to a National Business Daily report, bank officials attracted the attention of disciplinary authorities in April last year for allegedly approving 3 billion yuan in loans to the developer of the Solana Lifestyle Shopping Park in Beijing.
The developer, Wang Yaohui, was said to have a close relationship with Yang. Yang was taken to "assist in the investigation" after tip-offs from bank employees and restricted from going abroad.
The report said Wang owed 3 billion yuan in gambling debts in Macau.
He was also said to have been granted a 10-year property management operation loan of about 3 billion yuan from the bank by mortgaging Solana.
On May 31, 2012, the bank confirmed that Yang was assisting in the investigation.
On July 13, Yang resigned from all his positions at the bank due to "personal circumstances," according to a bank announcement.
In 2006, Zhang Enzhao, former president and Party secretary of China Construction Bank, was sentenced to 15 years in prison by the Beijing No. 1 Intermediate People's Court for taking more than 4 million yuan in bribes.
Yang Kun, formerly executive director, vice president and Party committee member of the Agricultural Bank of China, was expelled following an investigation by the Party's disciplinary commission, Xinhua news agency reported.
Yang is to be handed over to prosecutors with all his ill-gotten money confiscated, the commission said.
Its announcement said Yang accepted "huge bribes" but gave no details. Earlier news reports said he might be linked to an investigation into 3 billion yuan (US$488 million) in improper loans used by a real estate developer to pay gambling debts.
Yang, a graduate of Nankai University, joined the bank in 1983. In January 2009, he took the posts of executive director and vice president.
According to a National Business Daily report, bank officials attracted the attention of disciplinary authorities in April last year for allegedly approving 3 billion yuan in loans to the developer of the Solana Lifestyle Shopping Park in Beijing.
The developer, Wang Yaohui, was said to have a close relationship with Yang. Yang was taken to "assist in the investigation" after tip-offs from bank employees and restricted from going abroad.
The report said Wang owed 3 billion yuan in gambling debts in Macau.
He was also said to have been granted a 10-year property management operation loan of about 3 billion yuan from the bank by mortgaging Solana.
On May 31, 2012, the bank confirmed that Yang was assisting in the investigation.
On July 13, Yang resigned from all his positions at the bank due to "personal circumstances," according to a bank announcement.
In 2006, Zhang Enzhao, former president and Party secretary of China Construction Bank, was sentenced to 15 years in prison by the Beijing No. 1 Intermediate People's Court for taking more than 4 million yuan in bribes.
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