Former Deputy Governor of the People’s Republic of China, Wang Yongsheng, was sentenced to 12 years in prison in the first instance, for being accused of accepting over 23.51 million Chinese yuan in bribes.
On October 21st, the Jilin Intermediate People’s Court publicly sentenced Wang Yongsheng, the former Party Committee Member and Deputy Governor of the National Development Bank, for accepting bribes. Wang Yongsheng was sentenced to 12 years in prison for the crime of accepting bribes, and was fined 2 million Chinese yuan.
The court stated that from 2010 to 2019, Wang Yongsheng used his positions as the Branch President of the Liaoning Province Branch of the National Development Bank and Deputy Governor of the National Development Bank, as well as the convenience and conditions formed by his power and status, to provide assistance to relevant units and individuals in matters such as loan financing, bond subscriptions, and personnel arrangements, accepting a total of over 23.51 million Chinese yuan in property from others.
Wang Yongsheng’s actions constitute a particularly large amount of bribery. Considering that Wang Yongsheng truthfully confessed his crimes after being brought to justice, voluntarily disclosed bribes that the supervisory authority had not yet known, confessed and returned the illegal gains, and all the proceeds of bribery and interest have been recovered, which constitutes a circumstance for lenient punishment, the court decided to give him a lighter sentence as mentioned above.
The court announced that the sentencing will be scheduled for a later date.
On July 20 of last year, Wang Yongsheng was officially arrested, five years after his retirement.
Public information shows that Wang Yongsheng was born in 1958 in Lin County, Henan Province. He is a member of the Chinese Communist Party, with a master’s degree in economics and a senior economist.
Wang Yongsheng has held various positions including Director of the Office of the Henan Branch of China Construction Bank, President of the Zhengzhou Branch, President of the Zhengzhou Branch of China Investment Bank, President of the Henan Branch and Liaoning Branch of the National Development Bank, and Director of the Enterprise Bureau.
According to Shanghai Securities News, Wang Yongsheng served as Deputy Governor of the National Development Bank responsible for financial work from May 2011 until his retirement in April 2018.
It is worth noting that this year, there have been several high-ranking officials from the National Development Bank who have been investigated or processed.
On March 14th, it was announced that former Deputy Governor of the National Development Bank, Zhou Qingyu, was prosecuted for bribery. On March 13th, another former Deputy Governor of the National Development Bank was officially arrested, and on January 26th, a former Deputy Governor of the National Development Bank was sentenced to 20 years in the first instance. Additionally, on January 12th, the former President of the Jilin Province Branch of the National Development Bank was officially arrested.
Established in 1994, the National Development Bank is a state-owned development financial institution under the direct leadership of the State Council of the People’s Republic of China.