In late April this year, Guo Xingang, former head of the China Bank Zhejiang Branch, who fell from grace, has been expelled from the party, had his retirement benefits revoked, and has been referred to judicial authorities.
The Central Commission for Discipline Inspection of the Communist Party of China and the National Supervisory Commission announced the above news on December 2.
The announcement stated that Guo Xingang deliberately resisted investigation; he had long been violating rules by accepting gifts and money, frequenting private clubs, accepting high-end banquets, using luxurious office spaces beyond standards; practicing favoritism in hiring and showing oversight in personnel management; violating rules by transferring expenses that should have been paid by himself to others or units, engaging in business and holding shares in non-listed companies, providing assistance to relatives in investing in financial products; improperly interfering in and intervening in engineering bidding and procurement projects; leading a corrupted life and moral degradation.
He had been colluding with unscrupulous businessmen for a long time, and even after retirement, continued to be driven by greed. He utilized the convenient conditions formed by his position and power to profit others in credit approval and mineral development, by illegally accepting huge sums of money through receiving and buying properties at low prices, transferring equity at a premium, and other means; violating national regulations by issuing loans, abusing his power to rent office buildings at high prices, resulting in significant losses in state assets.
According to the announcement, Guo Xingang has been expelled from the party, had his retirement benefits revoked, and has been referred to judicial authorities.
On April 26 this year, Guo Xingang was officially investigated.
Public records show that Guo Xingang had worked for the China Bank for many years. From 1992 to 2014, he served as the head of the Bank of China Gansu Branch, and later as the head of the Bank of China Zhejiang Branch, until he resigned in May 2020.
It is worth noting that several high-ranking executives of the China Bank have fallen from grace, including:
Former Chairman of the Bank of China, Liu Liange (sentenced to death with a two-year reprieve on November 26 this year), former Deputy Head of the Ningbo Branch, Mao Junping (sentenced to 11 years and 10 months in prison in April this year), Secretary of the Discipline Inspection Commission of the Henan Branch, Wang Jianxin (expelled from the party, retirement benefits revoked, and referred to judicial authorities in May this year), former head of the Jiangxi Branch, Zhang Dongxiang (publicly prosecuted in January this year), former Deputy Head of the Inner Mongolia Autonomous Region Branch, Gao Zongsheng (removed from office in September last year, and referred to judicial authorities), former head of the Beijing Branch, Wang Jianhong (officially expelled from the party, retirement benefits revoked, and referred to judicial authorities on September 1 last year), former Deputy Head of the Heilongjiang Branch, Chen Feng (publicly prosecuted in August last year), former Chief Business Manager of the Hebei Branch, He Fangen (expelled from the party, retirement benefits revoked, and referred to judicial authorities in January last year).