Former bank official under investigation
Print Edition
PROSECUTORS have launched an investigation into Yao Zhongmin, former chairman of the board of supervisors at China Development Bank, on suspicion of taking bribes, the Supreme People’s Procuratorate said yesterday.
Yao, formerly deputy chief of the Party committee at the bank, has been placed under “coercive measures,” which may include summons by force, bail, residential surveillance, detention and arrest, according to the procuratorate.
The Central Commission for Discipline Inspection announced in September that Yao had been expelled from the Party and removed from office.
He was found to have violated Party rules and code of conduct, the commission said, obstructed an investigation, showed no remorse, and did not attempt to rectify his wrongdoing even after he was punished for violating the Party’s thrift rules, the commission said.
It said Yao had accepted gifts and money and engaged in power-for-sex and money-for-sex deals. Yao may also have used his power to secure interests for others in return for bribes, it said.
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