Former deputy president of China Development Bank expelled

Wang Yongsheng, former deputy president of China Development Bank, has been expelled from the Communist Party of China for severe violations of Party discipline and the law, the country's top anti-graft body said on Friday.

The decision came following an investigation by the CPC Central Commission for Discipline Inspection and the National Commission of Supervision upon the approval of the CPC Central Committee.

According to the statement, the investigation found that he had seriously violated a series of Party disciplines and laws, including interfering in the recruitment of financial institutions, Illegally owning shares of unlisted companies, engaging in power-for-money trading and illegally accepting huge amounts of properties.

In line with Party regulations and laws, a decision has been made to expel him from the Party, confiscate his illicit gains and hand over his case for further judicial proceedings.