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Former China Development Bank VP faces bribery charges

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Former China Development Bank VP faces bribery charges

He Xingxiang, a former vice president of China Development Bank, was tried Tuesday in a Beijing court on charges of taking bribes, issuing financial bills and granting loans illegally, and concealing overseas bank deposits.

He was found to have taken advantage of the multiple positions he formerly held to assist others in obtaining loans and making personnel arrangements. In return, he received money and valuables worth more than 66.36 million yuan (9.68 million U.S. dollars).

He also issued financial bills and granted a huge amount of loans in violation of state regulations, prosecutors said, adding that he concealed overseas bank deposits totalling 33.69 million yuan.

The procuratorial agency presented evidence at the trial at the Beijing No. 3 Intermediate People’s Court. He and his defense counsel cross-examined the evidence, and both sides gave their respective full accounts.

In his final statement, He pleaded guilty and expressed remorse.