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Court finds Wang Bin guilty taking $45m in bribes and hiding overseas deposits

BEIJING, Oct 12 — China’s ruling Community Party turned its sights on the country’s vast financial sector this month, kicking off a new round of a years-long campaign to uncover corruption and illegal dealings. The country’s top anti-graft watchdog has started a roughly two-month inspection...

Feng Li—Getty Images Newly appointed People’s Bank of China Governor Zhou Xiaochuan, middle, poses for souvenir photos with delegates during the sixth plenary meeting of the National People’s Congress at the Great Hall of the People on March 16, 2013. New Hands Take the Financial Regulation Wheel April 1, 2013 By Caixin staff reporter Ling Huawei Who’s steering China’s carefully managed financial system? Speculators were busy name-guessing before and for several months after the Communist Party’s 18 th National Congress in November. Finally, the dust started to settle with formal ...

Former Chairman of China Development Bank Sentenced to Life in Prison for Graft A Chinese court has sentenced Hu Huaibang, the former chairman of China Development Bank (CDB), to life in prison on bribery-related crimes. He is the second high-profile financial executive to be sentenced this week. The Intermediate People’s Court of Chengde city, in China’s Hebei Province, handed down the sentence on Jan. 7. Hu’s personal property will also be confiscated by authorities. Hu, who was arrested last February, was convicted of receiving bribes totaling 85.52 million yuan ($13.24 million) betw...