High-ranking bank official stands trial for taking bribes

Gu Guoming, the former Party secretary and president of the State-owned Industrial and Commercial Bank of China's Shanghai branch, stood trial on Tuesday for allegedly taking bribes amounting to 136 million yuan ($19.39 million).

Taking advantage of his job position, Gu had provided help for multiple individuals and corporate clients in loans and financing as well as received benefits in return for helping people secure projects between 2005 and 2018, prosecutors said during the trial at Shanghai No. 1 Intermediate People's Court.

Gu was investigated by the country's Central Commission for Discipline Inspection in June last year and was detained for criminal offences by the Shanghai Public Security Bureau in November. He was approved for arrest in December.

During investigations, Gu confessed not only to receiving the 5.86 million yuan in bribes found by the police but also another 131 million yuan that had yet to be discovered.

Gu pleaded guilty during the court hearing and his attorney pleaded for a lenient punishment because of his confession.

The court said that a verdict will be announced later on Tuesday.