Senior banking official removed over corruption

He Xingxiang, former vice president of the China Development Bank, has been expelled from the Party and dismissed from his post, the country's top anti-graft watchdogs said on Wednesday.

A statement issued by the Central Commission for Discipline Inspection and the National Supervisory Commission said He was punished for serious violations of discipline and law.

It said the former official behaved dishonestly and held a distorted view of Party achievements. He failed to fully implement the decisions made by the Communist Party of China Central Committee on preventing and defusing financial risks, and abused his power over financial examinations and approval, leading to major financial risk and huge losses for the country.

He failed to report personal matters, resisted organizational investigation, and accepted gifts and cash and also made substantial returns through lending money to management and clients, it said.

He also made use of his positions to make profits for others through loan financing, business operations, employment and other aspects and accepted large amounts of property and cash, it said.

The case and the properties involved will be transferred to the procuratorate for examination and prosecution.

The 59-year-old began working in 1982. He formerly served as president of the Hainan and Shandong branches of the Bank of China, and as vice-president of the Agricultural Development Bank of China. He was placed under investigation in September 2021.