Former BOC president arrested over bribes, illegal loans

China's top procuratorate said on Monday that it has decided to arrest Liu Liange, former president of the Bank of China, for suspected accepting of bribes and illegally issuing loans.

The decision, which was disclosed by the Supreme People's Procuratorate on its official website, added that Liu's case is being further investigated.

Liu, also former Party chief of the Bank of China, was placed under investigation for severe violations of discipline and law in March.

On Oct 7, he was expelled from the Communist Party of China over the violations, according to a statement posted by the CPC Central Commission for Discipline Inspection and the National Commission of Supervision, the country's top anti-corruption authorities.

The commission found that Liu had violated rules to wantonly meddle in credit projects and issue loans illegally, causing significant financial risks.

They also pointed out that Liu had abused his power to seek benefits for others in financing and project cooperation and accepted massive sums of money and gifts in return.