Hou Huaibang

Hou Huaibang

Biography

2020: The former head was recognized in taking of a bribe in $12.2 million

On July 30, 2020 the former head of the state China Development Bank (China Development Bank, CDB) Hu Huaibang pled guilty of misappropriation over $12 million. Illegal acts of the banker were detected during the anti-corruption campaign of Xi Jinping.

The former chairman of Development bank of China used the powers and during the period between 2009 and 2019 illegally received money and goods which total amount is 85.5 million yuans ($12.2 million). According to People's Daily, Huaibang is accused also of attraction to fraud of foreign partners, manipulations with credit lines of bank, to assistance of job development.

Hu Huaibang pled guilty on listening in which 30 high-ranking officials, including representatives of the National national congress took part. The sentence will be pronounced to the former chairman of CDB later.

Hu Huaibang long time worked in the financial sector of China - regulating authorities and the state organizations. In 2013 he held a position of the chairman of Development bank of China and executed the duties till September, 2018.

According to the Central Commission for Discipline Inspection and the State supervising committee of the People's Republic of China, Hu Huaibang who is also the ex-secretary of committee of the GBRK PDA lost ideals and beliefs, formally submitted, but upon resisted rules of the Central Committee of the CPC.

Investigation showed that Huaibang broke the accepted Central Committees of the CPC within fight against corruption of "The rule from eight points" and also indulged the relatives, allowing them to use its provision for obtaining own benefit.

In total within the anti-corruption campaign of Xi Jinping there were orders more than one million officials. Some critics claim that it allowed the president to eliminate political competitors.^[1]

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