Former CDB chairman under investigation
Print Edition
HU Huaibang, ex-chairman of the China Development Bank, has been put under investigation for suspected severe discipline and law violations, an official statement said yesterday.
Hu, 63, worked in China’s financial sector since 2000.
In 2013 he became chairman of China Development Bank and held the position until he retired in September of last year.
Around a month after Hu’s retirement, allegations of a corrupt network linking Hu surfaced in the graft trial of former Gansu Province Party Chief Wang Sanyun.
According to a China Central Television report on October 11, prosecutors accused Wang of using Hu as a go-between to offer help to companies.
CDB is one of three banks tasked with funding China’s projects and supporting Chinese companies abroad and has provided massive financing for Belt and Road global infrastructure project.
Hu, also former secretary of the CDB committee of the Communist Party of China, is being investigated by the CPC Central Commission for Discipline Inspection and the National Supervisory Commission, according to the statement.
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