On Wednesday, former chairman of the Bank of China, Liu Liange, stood trial for accepting bribes and illegally granting loans. Liu was accused of taking bribes amounting to 120 million yuan and illegally issuing loans totaling over 33.2 billion yuan, leading to a principal loss of more than 190 million yuan.
April 24, the Intermediate People’s Court of Jinan City, Shandong Province, publicly held the first trial of the case involving Liu Liange, former Party Secretary and Chairman of the Bank of China.
The Jinan City Procuratorate accused that from 2010 to 2023, Liu Liange, in various positions including member of the Party Committee, Vice President, Deputy Secretary of the Party Committee, Deputy Chairman, President, Vice Secretary of the Party Committee, Vice Chairman, and Chairman of the Bank of China, used his positions for personal gain. He provided assistance to relevant entities and individuals in matters such as loan financing, project cooperation, and personnel arrangements, illegally receiving a total of more than 121 million yuan in bribes.
From the end of 2017 to the beginning of 2020, while holding positions such as Deputy Secretary of the Party Committee, Vice Chairman, and President of the Bank of China, Liu Liange knowingly approved loans totaling over 33.2 billion yuan to entities that did not meet lending conditions, causing a principal loss of over 190 million yuan, in violation of the law.
The procuratorial authority has charged him with bribery and illegal lending crimes. Liu Liange pleaded guilty in court and the trial concluded with the court announcing a recess pending sentencing.
Public records show that Liu Liange, born in 1961, served as the Secretary of the Party Committee and Chairman of the Bank of China since June 2019.
In February 2023, Liu Liange was removed from the position of Party Secretary of the Bank of China, followed by resigning from the positions of Chairman, Executive Director of the Bank of China in March of the same year. He was investigated starting from March 31, leading to his expulsion from the party and retirement benefits being revoked in October, followed by his arrest.
According to a report by Caixin, insiders from the Bank of China revealed that Liu Liange had connections with Bao Fan, the founder and actual controller of Huaxing Capital. Bao Fan has been under investigation since February last year.
Political commentator Ji Lin, who is currently in Japan, previously told Epoch Times that as China’s economy continues to decline with severe fiscal deficits, accumulated financial risks could potentially trigger a crisis. Xi Jinping is targeting the financial system to alleviate the crisis. The financial sector in China is effectively controlled by various influential families. Through factional purges, Xi can install trusted individuals in key positions.
Ji Lin pointed out that within China’s capital circle, there are hidden rules of collusion between officials and businessmen. Capital magnates receive illegal benefits and protection from officials, in return acting as their “white gloves”. With Bao Fan’s background, he is likely such a “white glove”. Hence, if Bao Fan is targeted in investigations, many people associated with him may face repercussions.