Former Bank of China boss arrested on bribery charges

The former chairman of the Bank of China has been arrested over suspicions of bribery and giving illegal loans.

Liu Liange, chairman of the state-owned bank from 2019 to 2023, had resigned from his position in March this year. Weeks later, authorities announced Mr Liu was facing corruption charges.

The 62-year-old is one of the most senior bankers to be ensnared in President Xi Jinping’s anti-corruption probe into China’s $60 trillion (£49 trillion) financial sector. The push to weed out corruption from the country’s financial industry appears to be ramping up, with officials in April warning that the crackdown was far from over.

Several high profile financial executives from state-owned banks have already been fined, jailed or under investigation – with former chairman of China Life Insurance Wang Bin sentenced to life in prison without parole for bribery.

(BBC)