Third Former Chairman of Jilin Trust Convicted of Bribery
Another chairman of troubled
Jilin Province Trust Co. Ltd. was found guilty of corruption, extending the state-owned company’s streak of scandals involving every chairman since 2001.
Gao Fubo, chairman of the Jilin-based trust company between 2007 and 2015, was convicted of corruption, bribery and embezzlement, a local court said Tuesday. The court handed Gao a 20-year jail term, a fine of 5.1 million yuan ($794,540) and confiscation of 500,000 yuan of personal assets.
Gao is the third chairman of Jilin Trust to be convicted on corruption charges, and a fourth is awaiting trial. Gao’s predecessor, Zhang Xinbo the company’s chairman between 2001 and 2007 was sentenced to death with a two-year reprieve for corruption in 2009.
Regulator Warns China’s Trust Firms That Crackdown Isn’t Over
The CBIRC on Sunday outlined a target of cutting the total outstanding value of trust-financing products by another 1 trillion yuan this year. Photo: IC Photo
China’s banking and insurance regulator has pledged to continue its crackdown on the trust industry this year, with a particular focus on curbing trust financing and channel lending, amid concerns about mounting risks in the sector.
At a meeting on Sunday, the China Banking and Insurance Regulatory Commission (CBIRC) outlined a target of cutting the total outstanding value of trust-financing products by another 1 trillion yuan ($155 billion) this year and effectively shutting the business down completely over the next five years, several trust firm executives who attended the annual regulatory work conference told Caixin.