The former deputy head of China Development Bank (CDB) has been charged for taking bribes, issuing illegal loans and concealing offshore deposits, the official Xinhua news agency has said.

He Xingxiang is also facing charges for violating the bank's rules on letters of credit (L/Cs) and guarantees. The charges are similar to those that saw CDB's former chairman jailed for life.

Serious violations

He, who was vice governor of CDB from 2014 to 2021, was placed under investigation by China's top anti-corruption agency for "serious violations of laws and regulations" in September 2021.

The former vice governor is also the third senior CDB executive to be investigated. In 2017, former head of CDB's supervisory board, Yao Zhongmin was jailed for 14 years for accepting bribes.

Historic L/C abuse

Former chairman Hu Huaibang was jailed in 2021 for life after he was convicted of taking about US$13 million in bribes over a decade.

Prosecutors said Hu funnelled huge amounts via L/Cs to CEFC China Energy. In return, the banker took huge bribes from Ye Jianming, CEFC's founder and former chairman for, among other things, approving in minutes a US$4.8 billion credit line.

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