Former senior China Development Bank official jailed for 14 years for graft

Peace and Freedom

Reuters

AUGUST 5, 2017 / 2:23 AM

Image result for China Development Bank, photos

SHANGHAI (Reuters) – China’s anti-graft watchdog said on Saturday the former head of the supervisory board at China Development Bank, the country’s largest policy lender, has been jailed for 14 years and fined 3.5 million yuan ($520,276) for receiving bribes.

The Central Commission for Discipline Inspection (CCDI) said in a statement on its website that Yao Zhongmin accepted bribes amounting to 36.2 million yuan directly or indirectly through his brother between 2002 and 2013.

He accepted the money in exchange for help with loans and other contract work, it said.

Image result for Yao Zhongmin, photos

Yao Zhongmin, a former senior executive of China Development Bank (CDB), was expelled from the Communist Party of China (CPC) and removed from office for corruption.

The court handed down a lighter sentence because Yao assisted with the investigation by admitting guilt and disclosing the whereabouts of the proceeds of his crime, the…

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