Reuters<\/a> reports.<\/p>\nThe Dongying City Intermediate People\u2019s Court of Shandong Province said in a statement that Cai took advantage of his position to \u00abillegally take over bank property to his advantage\u00bb.<\/p>\n
Chinese media outlets described Cai as one of the most corrupt bankers in history, claiming that he illegally obtained more than $ 1,5 billion.<\/p>\n
If Cai commits no further crime over the next two years, his sentence will be commuted to life imprisonment, the court ruling said.<\/p>\n
Last year, his predecessor, Jiang Yunxi, was also convicted of corruption and sentenced to death with two-year reprieve.<\/p>\n
Hengfeng Bank, located in Shandong province, has been undergoing a restructuring since 2017 after revealing a financial cover-up for two consecutive years. As a result, the China Banking and Insurance Regulatory Commission (CBIRC) appointed its employees to lead the bank due to management and liquidity issues.<\/p>\n
In January, the bank received $ 15 billion in strategic investments through a sale of shares to state and foreign investors.<\/p>\n","protected":false},"excerpt":{"rendered":"
A court in China sentenced the former chairman of Hengfeng bank, Cai Guohua, to death with two-year reprieve after convicting him of corruption, embezzlement, bribery and abuse of power. Reuters reports. The Dongying City Intermediate People\u2019s Court of Shandong Province said in a statement that Cai took advantage of his position to \u00abillegally take over […]<\/p>\n","protected":false},"author":2,"featured_media":33433,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[2280],"translation":{"provider":"WPGlobus","version":"2.12.2","language":"en","enabled_languages":["ru","en"],"languages":{"ru":{"title":true,"content":true,"excerpt":false},"en":{"title":false,"content":false,"excerpt":false}}},"yoast_head":"\n
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