China / Society

Former Chinese bank chief on trial for corruption

(Xinhua) Updated: 2014-10-29 18:33

ZHENGZHOU - Tao Liming, former president of the Postal Savings Bank of China, stood trial on corruption charges on Wednesday in central China's Henan Province.

The hearings of Tao and two of his former subordinates, Li Chuntai and Sun Lina, were held at the Hebi municipal intermediate people's court.

According to the indictment, Tao was accused of bribe-taking and embezzlement of public funds. Li, former general manager of the bank's department of agency and custody, was charged with embezzlement and misappropriation, while Sun, former deputy general manager of the department, was charged with embezzlement.

Procurators said from 2000 to 2004 the three diverted 340 million yuan (55.6 million U.S. dollars) of the bank's funds to seek personal profit through investment.

They said Tao accepted more than 21 million yuan from individuals and companies. In return, Tao helped them obtain personal benefits, such as job promotions and bank financing, by taking advantage of his post.

He allegedly broke regulations to help six companies obtain financing worth 10.9 billion yuan in exchange for 2.3 million yuan from them.

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