Former Bank of China Chairman Liu Liange Sentenced to Death

Jinan, China – November 27, 2024 – Liu Liange, the former Communist Party secretary and chairman of Bank of China (BOC), has been sentenced to death with a two-year reprieve for accepting bribes exceeding CNY 1.2 billion (USD 166.8 million). The verdict was issued by the Intermediate People’s Court of Jinan in Shandong province.

Liu, 62, utilized his influential roles, including vice chairman and president of Export-Import Bank of China and chairman of BOC, to assist entities with loan financing, project cooperation, and personnel arrangements from 2010 to 2023. In return, he received substantial bribes, according to the court.

In a series of corrupt practices, Liu facilitated the issuance of loans worth a total of CNY 3.2 billion to enterprises that did not meet the required criteria. These illegal activities resulted in a principal loss of nearly CNY 191 million (USD 26.3 million).

The court also ordered the confiscation of all Liu’s personal properties and mandated the return of all proceeds from his crimes to the state treasury. Additionally, Liu was deprived of his political rights for life.

Liu’s downfall began when he was placed under investigation on March 31 by the Central Commission for Discipline Inspection and the National Commission of Supervision for suspected “serious violations of discipline and law.” Prior to this, Liu had resigned from all his positions at BOC on March 18, with the bank attributing his departure to personnel adjustments and thanking him for his “outstanding contributions” during his tenure.

The sentence, which includes a death penalty with a two-year reprieve, typically means that if Liu exhibits good behavior during the reprieve period, his sentence could be commuted to life imprisonment. However, the severity of his crimes and the substantial financial losses involved underscore the Chinese government’s stringent stance on corruption within its financial institutions.

This case highlights the ongoing efforts by Chinese authorities to clamp down on corruption and uphold legal and ethical standards within the country’s banking sector.