BEIJING: China’s ruling Communist Party has expelled the former chairman of the state-owned Bank of China from the party, accusing him of illegal activities and taking bribes, according to the top anti-graft watchdog on Saturday.
Liu Liange was accused of illegally granting loans and posing significant financial risks, the Central Commission for Discipline Inspection (CCDI) said in a statement on its website.
The CCDI reported that Liu was also involved in importing prohibited publications into the country. Furthermore, he was alleged to have accepted illegal bribes and enjoyed entertainment at private clubs and ski resorts. The commission, responsible for combating corruption within the 97-million-member party, did not immediately receive a response from Liu regarding these accusations.
China expels former Bank of China chairman from Communist Party https://t.co/zj4xLP1pF4
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Born in 1961, Liu had an extensive career in banking and finance institutions, including roles at the Central People’s Bank of China and the Export-Import Bank of China. He ascended to the position of chairman of the Bank of China in 2019 but resigned from the role in mid-March of the current year. Two weeks later, the CCDI initiated an investigation into Liu for suspected serious violations of party discipline and laws, as reported by state media.
President Xi Jinping has made the fight against corruption a central theme of his leadership since taking office in 2012. This anti-corruption campaign, aimed at advancing the party’s “self-revolution,” enjoys popularity among a public weary of pervasive graft. Additionally, analysts suggest that this initiative has helped President Xi consolidate power by replacing potential rivals with loyalists.
