BEIJING (AP) – The former chairman of the main Chinese state bank behind Beijing’s initiative to build railways and ports in dozens of Asian countries has been sentenced to life in prison on charges of corruption, a court has announced.
Hu Huaibang was sentenced on Thursday after being found guilty of taking 85.5 million yuan ($ 13.2 million) in bribes between 2009 and 2019, according to the Intermediate People’s Court in Chengde, a city north of Beijing. He is said to have used his post to help others obtain jobs and loans.
Hu was also the Communist Party secretary of China Development Bank, one of the richest lenders in the world.
The CDB is the top $ 1 million Belt and Road initiative to expand trade through railroads, highways, ports, airports, power stations, and other facilities in an arc of countries from the South Pacific, Asia, Africa and the Middle East to Europe.
The BRI has filed complaints that some countries have debts that they cannot repay. There is no indication that Hu’s prosecution is related to the BRI.
The court said Hu’s sentence was lenient because he acknowledged and handed over the bribes.
Convictions for economic crimes in China sometimes lead to the death penalty.
In an unrelated case, the former chairman of another financial institution, Lai Xiaomin of Huarong Asset Management Co., was sentenced to death on Tuesday on a charge of bribery.