Former boss of CDB gets life in prison
Print Edition
Hu Huaibang, former chairman of the China Development Bank, was sentenced to life in prison yesterday on charges of bribery by the Intermediate People鈥檚 Court of Chengde in north China鈥檚 Hebei Province.
Hu, also former secretary of the CDB committee of the Communist Party of China, was also deprived of political rights for life and all of his property has been confiscated.
The court also ordered Hu to turn over all his illicit gains and interest earned to the national treasury. Hu accepted the court鈥檚 decision and said he will not appeal the verdict.
The court found that Hu took advantage of his various posts to assist others in obtaining bank credit, operating their businesses and securing promotions between 2009 and 2019. In return, he accepted money and gifts worth more than 85.52 million yuan (US$13.24 million).
The court said Hu was given a lenient punishment as he had confessed, provided additional information about his crimes, showed repentance, and voluntarily surrendered his illicit gains, while all his illicit gains had been recovered.
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