Liu Liange, the former chairman of the Bank of China, has been arrested on charges of corruption, according to Chinese state media. Liu, who served as the head of the state-owned bank from 2019 to March 2023, is facing allegations of bribery and providing illegal loans. The Supreme People’s Procuratorate has taken him into custody, and his case is currently undergoing review and prosecution.
Approximately a week prior to his arrest, Liu was expelled from the Chinese Communist Party following an investigation by China’s anticorruption watchdog, the Central Commission for Discipline Inspection. The commission’s investigation highlighted several violations by Liu, including the illegal issuance of loans, smuggling banned publications into the country, and leveraging his influential position to receive bribes and other benefits.
Liu’s career in China’s financial sector has been significant, with prior senior roles in the central bank and the Export-Import Bank of China. His arrest is part of President Xi Jinping’s extensive campaign against corruption, initiated in 2012. This campaign has targeted various high-profile figures in the financial sector, including state-owned banks.
Wang Bin, former chairman of China Life Insurance, received a life sentence for accepting bribes totaling 325 million yuan ($44.6 million). While the anticorruption drive has led to several high-profile convictions, there are criticisms suggesting that these charges might be used strategically to eliminate political opposition within the party.
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