Liange Liu (Liu Liange)

Liange Liu (Liu Liange)

Biography

2023: Arrest on suspicion of taking bribes

On October 16, 2023, the Central Commission of the Communist Party of China for Discipline Inspection (CCDI) announced that Liu Liange, former chairman of the board of directors of the Bank of China financial group, was arrested on suspicion of taking bribes. In addition, the banker may be charged with illegally providing loans.

The arrest warrant for Liange was issued by the Supreme People's Prosecutor's Office of China. The chairman of the KNRS and Jinping made the fight against corruption a key part of his political program. The wave of relevant investigations in the country's financial sector began at the end of 2021, and in March 2023 the case was initiated against Liange.

The banker was reportedly expelled from the Communist Party of the PRC shortly before his arrest following allegations by the CCDI that he had imported banned material into the country, taken bribes, and entertained himself in private clubs and ski resorts. The long list of charges also includes ideological, financial and managerial flaws. The amount of illegally received funds as of mid-October 2023 was not disclosed.

Liange previously worked for the Export-Import Bank of China and the Central Bank of China. He has served as chairman of the board of directors of Bank of China since 2019, but resigned in early 2023. Corruption charges were brought against him shortly afterwards. Liange's arrest, as noted, speaks of the seriousness of the anti-corruption campaign in China. In particular, CCDI announced that it will inspect more than 30 large state-owned companies and organizations: they include China Investment Corp., Sovereign Wealth Fund, Chinese Development Bank, Agricultural Bank of China, etc. A number of businessmen and managers are under investigation.^[1]

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