Tian Huiyu (Tian Huiyu)

Tian Huiyu (Tian Huiyu)

Biography

2024: Sentence - death penalty suspended at 2 years

In early February 2024, it became known about the postponed death sentence to the ex-president of China Merchants Bank. Tian Huiyu (Tian Huiyu) pleaded guilty in the case of bribery and insider information trading and was sentenced to the death penalty with a suspension of two years.

Huiyu was also found guilty of abuse of power in state-owned enterprises, using classified information in exchange trading and "leaking" insider information. The stay of execution in this case means that if the convict does not commit other crimes in two years, the punishment can be replaced with a life term in prison.

As the court established, thanks to the use of his official position, Tian earned 290 million yuan (approximately $40 million) in illegal income on the stock exchange. In addition, he "leaked" information to other people for money, receiving about $30 million for this.

Tian Huiyu has worked for nearly 30 years at China's biggest financial institutions, such as China Construction Bank, considered the second-largest bank in the country. In addition, Tian worked as secretary to Wang Qishan, who was called the "economic king" of China. In 2013, he became the head of the China Merchants Bank, but in October 2022 he was fired from his post and expelled from the Chinese Communist Party. Four months later, he was arrested.

As noted, Bloomberg China increased his pressure on the financial system states in 2023. During this time, more than a dozen large top managers of Chinese financial institutions were detained or convicted. Among them are China CITIC Bank president Sun Deshun and former chief Wang China Life Insurance Bin, who were also sentenced to death with a suspended sentence. The President Xi Jinping of the PRC explains this by the fight against corruption.^[1]

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