Former China Development Bank VP sentenced for bribery

Li Jiping, a former vice-president of China Development Bank, has been sentenced to 14 years in prison for accepting more than 57.3 million yuan ($7.87 million) in bribes, a court in Xinyang, Henan province, announced on Monday.

The Xinyang Intermediate People's Court said in a statement on its official WeChat account that Li, who also served as a member of the bank's Party leadership group, was also fined 4 million yuan. His illicit gains and any related interest will be confiscated and turned over to the national treasury.

According to the court, between 2001 and 2021, Li used his various positions — including director of the bank's policy research office and head of its Sichuan branch — to seek benefits for companies and individuals in areas such as loan approvals and project contracts, in return for bribes totaling more than 57.3 million yuan.

The court ruled that Li's actions constituted the crime of accepting bribes and warranted a heavy penalty due to the large sums involved.

However, he received a lenient sentence because he confessed truthfully, voluntarily disclosed additional crimes unknown to investigators, expressed remorse, and returned all illicit gains, which have since been recovered, the court said.