Former Chief of China Development Bankappears in court on charges of bribery of $12 million

 A court in northeast China’s Hebei province  on heard the corruption case of Hu Huaibang, the former Chairman of China Development Bank (CDB). Hu is accused of corruption, including bribery of 85.5 million yuan ($12 million), Caixin Global reports. 

Prosecutors accused Hu that he used his powers to offer beneficial terms of doing business and lending to others in exchange for bribes between 2009 and 2019, when he was Chairman of the Bank of communications and CDB.

Hu, 64, was taken under investigation by the Communist party’s anti-bribery Agency in July 2019. He allegedly helped two former high-ranking conglomerates-CEFC China Energy Co. Ltd. and HNA Group Co. Ltd. – get billions of dollars.

Hu resorted to tactics that included removing, transferring or simply subduing subordinates who opposed his efforts to allocate huge amounts of loans to two companies, both of which became targets of a regulatory crackdown on risky business, sources said. Hu left the post of Chairman of the Central Bank in September 2018.

Previously reported that South African President Cyril Ramaphosa has announced a wide-ranging bribery investigation as the country with the world’s fifth-largest number of COVID-19 cases prepares for more infections