On August 26, the official website of the Supreme People’s Procuratorate of the Communist Party of China announced that the investigation of Li Jiping, former member of the Party Committee and Vice President of the China Development Bank, on suspicion of bribery has concluded and has been transferred to the procuratorate for review and prosecution. This case is the latest in a series of corruption cases brought to public prosecution in recent years involving the China Development Bank within the Chinese Communist Party.
Here, let’s briefly review and analyze the nine major corrupt officials at the China Development Bank in recent years.
In January 7, 2021, Hu Huaibang, former Party Secretary and Chairman of the China Development Bank, was sentenced to life imprisonment by the Intermediate People’s Court of Chengde City, Hebei Province for accepting bribes exceeding 85.52 million yuan.
The court found that from 2009 to 2019, Hu Huaibang used his power and influence to provide assistance for related enterprises and individuals in obtaining bank loans, business operations, job promotions, etc., and directly or through his specific relations, accepted bribes of over 85.52 million yuan.
The so-called “specific relations” here refer to Hu’s wife Xue Yingjuan and son Hu Xiaodong. Hu had received huge bribes through his wife and son. According to mainland media reports, Xue Yingjuan once said in a beauty salon, “Our family’s money can’t be spent for several lifetimes.” After Hu was arrested, Xue Yingjuan committed suicide by jumping from a building in the Kangle Li community in Beijing on May 8, 2020.
Wang Xiangguo, an official from the Central Commission for Discipline Inspection, said that the money Hu Huaibang received and the losses he caused were just the tip of the iceberg.
According to Caixin Net, Huaxin Group received nearly 100 billion yuan in loan support from the China Development Bank. HNA Group also received loans totaling over 80 billion yuan from the China Development Bank. Most of this money was approved for disbursement during Hu Huaibang’s tenure, but much of it went missing.
Hu Huaibang took over as Secretary of the Party Committee and Chairman of the China Development Bank in April 2013, replacing Chen Yuan, the son of a senior Communist Party leader. He retired in September 2018.
Ironically, the financial “big tiger” Hu Huaibang, had previously served as Secretary of the Discipline Inspection Committee at the China Banking Regulatory Commission, and Secretary of the Discipline Inspection Committee at the China Investment Corporation specializing in anti-corruption work.
On August 4, 2017, Yao Zhongmin, former Deputy Secretary of the Party Committee, Vice President, and Chairman of the Supervisory Board of the China Development Bank, was sentenced to 14 years in prison by the Hebei Provincial Intermediate People’s Court for bribery.
The court determined that from 2000 to 2012, Yao Zhongmin used his power to assist relevant units in obtaining bank loans, contracting projects, and other matters, accepting bribes of over 36.19 million yuan.
Yao Zhongmin was a veteran of the China Development Bank. In January 1994, he served as a member of the Party Committee and Vice President of the China Development Bank, Chairman of the Discipline Inspection Committee. In March 1998, he was promoted to Deputy Secretary of the Party Committee, Vice President, Chairman of the Discipline Inspection Committee of the China Development Bank. In December 2008, the China Development Bank was the first of the three major policy banks to undergo shareholding reform, and Yao Zhongmin was appointed Deputy Secretary of the Party Committee and the first Chairman of the Supervisory Board.
Yao Zhongmin worked with Chen Yuan, the then President, Chairman, and Secretary of the Party Committee of the China Development Bank, for 15 years, serving as head of the anti-corruption Discipline Inspection Committee for 4 years, and Supervisory Board Chairman for 6 years.
On January 26, 2024, He Xingxiang, former Vice President of the China Development Bank, was sentenced to 20 years in prison by the Third Intermediate Court of Beijing for the crimes of bribery, illegal issuance of financial instruments, illegal lending, and concealing overseas deposits.
The court found that from 2006 to 2021, He Xingxiang used his positions as the head of the China Bank head office in Hainan Province, the head office in Shandong Province, Vice President of the Agricultural Development Bank of China, and Vice President of the China Development Bank for personal gain, accepting bribes totaling over 66.36 million yuan.
From 2012 to 2014, while serving as the head of the China Bank in Shandong Province, He Xingxiang irregularly arranged trade financing loans for related companies, resulting in a bank principal loss exceeding 1.461 billion yuan by the time the case was uncovered.
In September 2014, during his time as the head of the China Bank in Shandong Province, He Xingxiang issued irregular loans totaling over 1.746 billion yuan. From 2012 to 2013, irregular loans totaling over 77.43 million yuan were issued, causing a bank principal loss of over 9.62 million yuan.
From 2015 to 2021, while serving as Vice President of the Agricultural Development Bank of China and the China Development Bank, He Xingxiang concealed over 33.69 million yuan in overseas deposits.
He Xingxiang was the first official reported by the Central Commission for Discipline Inspection to have “caused significant financial risks.”
On June 14, 2024, Zhou Yuqing, former Vice President of the China Development Bank, stood trial in the Intermediate People’s Court of Changchun for bribery.
The Changchun City Prosecutor’s Office accused Zhou Yuqing of providing assistance for units and individuals in loan financing, project contracting, business operations, personnel arrangements, etc., from 2013 to 2023, directly or through others, accepting bribes totaling over 67.43 million yuan. After leaving office, Zhou Yuqing used his influence to accept 1 million yuan in bribes.
Zhou Yuqing pleaded guilty in court, with sentencing to be decided at a later date.
Previously, Zhou Yuqing served as Secretary of the Discipline Inspection Committee specializing in anti-corruption at the China Development Bank for five years (2011-2016). In 2015, Zhou Yuqing also served as Deputy Head of the Third Central Inspection Team. In the working group established in early 2016 by the Party Committee of the China Development Bank to implement feedback and rectification of central inspections, Zhou Yuqing was appointed as Deputy Team Leader.
On July 18, 2024, Wang Yousheng, former member of the Party Committee and Vice President of the China Development Bank, appeared in court at the Intermediate People’s Court in Jilin City, Jilin Province, on charges of bribery.
The Jilin City Prosecutor’s Office accused Wang Yousheng of using his positions as Secretary of the Party Committee and President of the Liaoning Branch of the China Development Bank, member of the Party Committee and Vice President of the China Development Bank, to provide assistance for units and individuals in loan financing, bond subscriptions, personnel arrangements, etc., from 2010 to 2019, accepting bribes totaling over 23.51 million yuan.
Wang Yousheng confessed in court. A sentencing date is yet to be announced.
Wang Yousheng retired in April 2018. After retiring, he served as an external director of China Petrochemical Group Corporation and China Telecommunications Group Corporation.
On March 13, 2024, Li Jiping, former member of the Party Committee and Vice President of the China Development Bank, was announced by the Central Commission for Discipline Inspection website to be under investigation for serious violations of discipline and law. On August 1 of the same year, he was expelled from the Party and transferred for judicial proceedings.
According to the notice from the Central Commission for Discipline Inspection, Li Jiping significantly interfered in and intervened in the recruitment and promotion of financial institution staff, indiscriminately received gifts, illegally owned shares in non-listed companies, engaged in money-for-sex transactions, abused public authority for personal gain in loans, financing, and enterprise operations, and illegally accepted large sums of money.
On August 26, the official website of the Supreme People’s Procuratorate of the Communist Party of China announced that, following the designation of jurisdiction by the Supreme People’s Procuratorate, the Henan Provincial Procuratorate has arrested Li Jiping on suspicion of bribery.
Li Jiping worked at the head office of the China Construction Bank for 11 years and at the China Development Bank for 22 years. Li Jiping worked under Chen Yuan for 15 years, intersecting with the aforementioned officials who have been investigated such as Yao Zhongmin, Hu Huaibang, Wang Yousheng, and Zhou Yuqing.
On April 19, 2021, the Central Commission for Discipline Inspection website announced that Zhang Maolong, former Senior Expert of the Evaluation Division II of the China Development Bank, was under investigation for serious violations of discipline and law.
Zhang Maolong was a post-70s generation “post-doctorate.” In December 2008, he became Deputy Director of the Board of Directors Office and Director of the Secretariat of the Bureau of Personnel of the China Development Bank; in October 2010, Zhang Maolong served as Secretary of the Party Committee and President of the Hebei Branch of the China Development Bank; in March 2012, he became Director of the Bureau of Personnel (Party Committee Office) of the China Development Bank, serving as the “internal manager” of the Board of Directors office and the Party Committee office of the China Development Bank; in December 2014, Zhang Maolong was appointed Secretary of the Party Committee and President of the Chongqing Branch of the China Development Bank; in January 2016, he became a Senior Evaluation Manager of Evaluation Division II of the China Development Bank; in April 2017, he became a Senior Expert of Evaluation Division II of the China Development Bank.
In June 2022, Zhang Maolong was expelled from the Party and dismissed from his public office and prosecuted for suspected crimes.
The notice from the Central Commission for Discipline Inspection mentioned that Zhang Maolong had violated political discipline, provided confidential information to outsiders, engaged in feudal superstition; violated the eight-point rules of the Central Committee, visited private clubs irregularly; violated organizational discipline, used his influence in the process of hiring officials to seek personal gains; violated integrity discipline, used the funds of the management service target for personal gains; violated lifestyle discipline; and through his position, sought benefits for others, illegally accepting their property with a particularly large amount involved, suspected of bribery crimes.
So far, there has been no news of the trial of Zhang Maolong, who was involved in “especially large” bribery.
On December 20, 2019, Long Yanjun, former Director of the Infrastructure Project Management Office of the Administrative Affairs Management Bureau of the China Development Bank, was sentenced to ten years in prison by the Second Intermediate People’s Court of Beijing for bribery.
The court found that from 2011 to 2017, Long Yanjun assisted a certain construction technology company, the data center department, and individuals in project bidding, project advancement, etc., accepting a total of 18.4277 million yuan in money and a property (purchased for 770,000 yuan).
Of the nearly 19 million yuan in bribes in this case, 13.0085 million yuan and 10,000 US dollars (equivalent to 61,104 yuan) came from the general manager of the data center department of a certain construction technology company.
Long Yanjun’s villa in the suburbs was burglarized twice, and even though the thieves did not find the large sum of cash hidden inside, Long Yanjun remained vigilant. He also purchased a small property and hid the received cash in the basement of that property. After the case was exposed, investigators found the cash hidden in the basement neatly organized, with even the outer shrink wrap left untouched.
The China Development Bank, established with state investment, directly under the leadership of the State Council, supports the development of key areas of the Chinese economy with independent legal personality. was established in 1994. Currently, the China Development Bank has 37 primary branches and 4 secondary branches in mainland China, with a staff of over 10,000. It has subsidiaries such as CDB Financial, CDB Securities, CCB Financial Leasing, Sino-Africa Fund, Huaxin Company, CDB Development Fund, and CDB Infrastructure Fund. As of the end of 2022, its total assets were 18.2 trillion yuan.
The China Development Bank is the world’s largest development finance institution, the largest foreign investment and financing cooperation bank, and a medium to long-term credit bank and bond bank in China.
Chen Yuan, the son of the senior Communist Party leader Chen Yun, has exerted the most influence among the leaders of the China Development Bank during his 15-year tenure (1998-2008 as President and Party Committee Secretary, and from 2008 to 2013 as Chairman and Party Committee Secretary).
According to a senior banking industry insider interviewed by the “China Economic Weekly,” “The money that the China Development Bank has let out over the years is like throwing pebbles into the water, and we are all afraid when we see the loans they have given out.” “In the banking industry, some officials at the China Development Bank have openly engaged in interest dealings under the pretext of being state policy banks, profiting from reckless lending to various platforms connected to high-ranking officials, which has become an open secret.”
Before being promoted and employed, all of the above corrupt officials passed through assessments by the Communist Party’s organizational departments, supervisions by disciplinary inspection and monitoring agencies, and approval by the party committees and party organizations. None of the officials who did not fulfill their supervisory duties in the supervision process were subjected to party discipline, administrative discipline, or legal penalties.
Before being investigated and removed from their positions, all the corrupt officials were subjected to supervision by the party committees, party organizations, disciplinary inspection, supervisory, auditing, and anti-corruption bureaus. None of the officials who failed in their supervisory duties during their terms received party discipline, administrative discipline, or legal penalties.
The China Development Bank has seen continuous corruption from top to bottom, a microcosm of corruption in the Chinese Communist Party’s officials.
The Epoch Times exclusively published this information.