Former Head of China Central Bank PBOC Branch Yang Mingji Sentenced to 15 Years Jail & Fined $160,000, Received $4.4 Million in Bribes & Embezzled $728,000
18th February 2023 | Hong Kong
The former Head of China central bank People’s Bank of China Lanzhou branch Yang Mingji had been sentenced to 15 years jail and fined $160,000 (CNY 1.1 million) for receiving $4.4 million (CNY 30.3 million) in bribes and embezzling $728,000 (CNY 5 million) in public funds. Earlier in February 2023, the former Chairman of China Zheshang Bank Shen Renkang had been placed under investigation for suspected violations of law & corruption, with himself & wife taken by authorities for investigation in late January 2023. More info below.
“ Former Head of China Central Bank PBOC Branch Yang Mingji Sentenced to 15 Years Jail & Fined $160,000, Received $4.4 Million in Bribes & Embezzled $728,000 “
Former Chairman of China Zheshang Bank Shen Renkang under Investigation for Suspected Violations of Law & Corruption, Resigned as Chairman in 2022 January
11th February 2023 – The former Chairman of China Zheshang Bank Shen Renkang had been placed under investigation for suspected violations of law & corruption, with himself & wife taken by authorities for investigation in late January 2023. China Zheshang Bank is 1 of the 12 nationwide joint-stock commercial banks, founded in 2004 in Hangzhou, Zhejiang Province in China. (China Zheshang Bank traces its roots from Zhejiang Commercial Bank that was established as a Sino-foreign joint venture bank in 1993 in Ningbo. On June 30, 2004, Zhejiang Commercial Bank was re-organized and restructured into the current China Zheshang Bank with the approval of the China Banking Regulatory Commission and officially opened on August 18, 2004, with its head office located in Hangzhou, Zhejiang Province.) In 2022 January, Shen Renkang had resigned as the Chairman of China Zheshang Bank. See Resignation notice below.
Shen Renkang resigns as the Chairman of China Zheshang Bank in 2022 January – The board of directors (the “Board”) of China Zheshang Bank Co., Ltd. (the “Bank”) hereby announces that, the Board has received the resignation report tendered by Mr. Shen Renkang today. Mr. Shen Renkang resigned from his position as an executive director, the chairman of the Board, the chairman of the strategic committee and the chairman of the inclusive finance development committee of the Board due to work arrangement. In accordance with the relevant provisions of the Company Law of the People’s Republic of China and the Articles of Associations of the Bank, Mr. Shen Renkang’s resignation will not result in the number of the members of the Board falling below the quorum, and will not affect the normal operation of the Board. Mr. Shen Renkang’s resignation took effect upon the delivery of the resignation report to the Board. Based on the recommendations of the CPC Zhejiang Province Committee, Zhejiang Provincial Government and the relevant authorities, the Board will complete the election of the new director and the appointment of the new chairman in due time and in accordance with the statutory procedures.
Mr. Shen Renkang has confirmed with the Bank that he has no disagreement with the Board and there is no matter in relation to his resignation that needs to be brought to the attention of the shareholders of the Bank and The Stock Exchange of Hong Kong Limited. During his seven years of tenure of office, Mr. Shen Renkang led the Bank to focus on the overall goal of “Two Most”, vigorously promoted innovation and transformation, constantly improved the quality and efficiency of services for the real economy, promoted the improvement of corporate governance system, strengthened internal control and compliance management, promoted the listing of both the Bank’s H shares and A shares in succession, and built up the long-term capital replenishment system. The Bank and the Board would like to express sincere appreciation to Mr. Shen Renkang for his contributions to the Bank during his tenure of office.
China Zheshang Bank
As one of the twelve nationwide joint-stock commercial banks, CZBank officially commenced business on August 18, 2004, with its head office in Hangzhou, Zhejiang Province. CZBank is the 13th “A+H” listed bank in China. Since its opening, CZBank has always gained a toehold in Zhejiang and steadily developed its businesses nationwide, and has developed into a high-quality commercial bank with a solid foundation, strong profitability and prudent risk control. Under the guidance of the vision of being “a first-class commercial bank”, CZBank adheres to its twelve-word operation approach of “consolidating corporate foundation, adjusting corporate structure, controlling corporate risks, increasing corporate profitability”; and the main line of digital reform, taking deepening development in Zhejiang as its first priority and promoting the coordinated development of its five major business segments, so as to embark on a new journey of wealth management. CZBank focuses on four big battles of “reducing risk, expanding sales, stabilizing stock price and introducing strategic investment”, and strengthens its integrity, improves its foundation, and reshapes its image. CZBank will give top priority to stability, carry forward the spirit of “Four Dos”, comprehensively build a five-pronged political ecosystem, comprehensively improve its ability to provide comprehensive financial services, and comprehensively build a system of risk control and oversight, so as to embark on a new journey of high-quality development.
During the first three quarters of 2022, CZBank’s operating income amounted to RMB47.784 billion, representing an increase of RMB7.301 billion or 18.03% as compared to the corresponding period of last year, of which net interest income amounted to RMB35.437 billion, representing an increase of RMB4.459 billion or 14.39% as compared to the corresponding period of last year. The total assets at the end of the third quarter of 2022 were RMB2.54 trillion, representing an increase of 11.21% compared with that at the end of last year, while total loans and advances to customers were RMB1.451trillion, representing an increase of 11.80% compared with that at the end of last year; the total liabilities were RMB2.38trillion, representing an increase of 12.29% compared with that at the end of last year, and customer deposits were RMB1.72 trillion, representing an increase of 21.60% compared with that at the end of last year; the non-performing loan ratio was 1.47% and allowance to non-performing loans was 181.21%, maintaining a stable asset quality; the capital adequacy ratio was 11.67%, the tier-one capital adequacy ratio was 9.58% and the core tier-one capital adequacy ratio was 8.05%, all maintaining at a reasonable level. CZBank has established 304 branch outlets in 22 provinces, autonomous regions, municipalities directly under the Central Government and the Hong Kong Special Administrative Region, effectively covering the Yangtze River Delta, Bohai Rim, Pearl River Delta Region, Economic Zone on the Western Coast of the Taiwan Straits and certain areas in the Midwestern China. In the “Top 1000 World Banks 2022” ranking by The Banker Magazine of the U.K., we ranked 79th in terms of tier-one capital, up by 20 places from the previous year. China Chengxin International gave CZBank the highest AAA subject credit rating among financial institutions.
China Communist Party Expels Former China Banking & Insurance Regulator Commission Hainan Senior Inspector Qin Huizhong for Disciplinary Violations & Corruption, Alleged Taking Bribes & Gifts, Improper Sexual Relationships & Playing Golf During Official Work Hours
11th February 2023 – The Chinese Communist Party (CCP, ruling party of China) has expelled former China Banking & Insurance Regulator Commission (CBIRC) Hainan senior inspector Qin Huizhong for disciplinary violations & corruption, for allegedly taking bribes & gifts, receiving dinner invitations, having improper sexual relationships and playing golf during official working hours. According to a statement issued by China Banking & Insurance Regulator Commission (CBIRC), the former Hainan senior inspector Qin Huizhong had abused his power for personal gains, and his actions would have impacted his judgement and ability to discharge his duties. More info on China Corruption below.
China Former Minister of Industry & Information Xiao Yaqing Expelled from China Communist Party for Bribery & Accepting Banquet Invitations, Granted Leniency after Admitting to Wrongdoing Including Handing Over All Illegal Income
22nd December 2022 – China former Minister of Industry & Information Xiao Yaqing had been expelled from China Communist Party for bribery & accepting banquet invitations. Xiao Yaqing had been granted leniency after admitting to wrongdoing including handing over all illegal income. He is also demoted to the lowest official rank and to retire. The announcement was made by China Central Commission for Discipline Inspection (CCDI) on 18th December 2022. Earlier in July 2022, Xiao Yaqing was being investigated for suspected corruption, according to the statement issued by the China Central Commission for Discipline Inspection (suspected violations of discipline and law).
China Minister of Industry & Information Technology Xiao Yaqing Investigated for Suspected Corruption
29th July 2022 – China Minister of Industry & Information Technology Xiao Yaqing is being investigated for suspected corruption, according to the statement issued by the China Central Commission for Discipline Inspection (suspected violations of discipline and law). Xiao Yaqing was appointed as the China Minister of Industry & Information Technology in July 2020. Earlier in January 2022, China Anti-Corruption Authority investigated Wang Bin, the Chairman of China Life and China Communist Party committee secretary for suspected serious violations of discipline and law. In March 2022, former China Party Secretary & General Manager of China Railway Corp Sheng Guangzu (Age 72) is under investigation from government authorities for suspected corruption & violation. In May 2022, China central bank People’s Bank of China (PBOC) is investigating and had removed PBOC Head of Monetary Policy Sun Guofeng from office for serious violations of discipline and the law (suspected corruption). In 2021, China sentenced former Head of ICBC Shanghai Gu Guoming to lifetime imprisonment for receiving $21 million (CNY 136 million) in bribes between 2005 to 2019. As the Head of ICBC Shanghai, Gu Guoming had took advantage of his position in power, including helping individuals and companies to obtain bank credit. According to the Shanghai court verdict, Gu Guoming had pleaded guilty and had helped to recover most of the $21 million in bribes. (ICBC ~ Industrial and Commercial Bank of China is the largest bank by assets in China).
Xiao Yaqing, China Minister of Industry and Information Technology, Ministry of Industry and Information Technology of the People’s Republic of China
Doctorate in Engineering; senior engineer. Over the years, Xiao Yaqing has held the following positions: Secretary of the CPC Leading Group and General Manager of the Aluminum Corporation of China; Deputy Secretary-General of the State Council; Chairman of the State-owned Assets Supervision and Administration Commission (SASAC); Secretary of the CPC Leading Group and Minister of the State Administration for Market Regulation (SAMR). Currently, Secretary of the CPC Leading Group and Minister of Industry and Information Technology of China. Member of the 19th CPC Central Committee. (Source: World Economic Forum)
Xiao Yaqing was born in September 1959, and is a male ethnic Han from Beijing. He entered the workforce in August 1982 and is a CPC member. Xiao Yaqing graduated from Central South University, majoring in Materials Process Engineering, has Doctor’s degree and holds the title of professor-level senior engineer.
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