What’s new: Sun Deshun, former chairman of the state corporation Citic Bank of Chinapleaded guilty on Tuesday to allegations of receiving nearly one billion yuan in bribes.
Sentencing will be handed down at a later date, according to the Jinan Magistrate’s Court in Shandong Province.
Sun, 63, was accused of using his positions in several state-owned banks to offer soft loans and credits to businesses between 2003 and 2019 in return for bribes totaling 980 million yuan ($154 million ).
The background: Sun was investigated by authorities in September 2019, about seven months after he resigned as chairman of Citic Bank, a subsidiary of state-owned conglomerate Citic Group.
Sun authorized the Hong Kong and Shanghai-listed bank to lend huge sums to several large private companies, including indebted HNA Group Co. Ltd., when they were in financial difficulty, according to people familiar with the matter. ‘case. said Caixin at the time.
Prosecutors said in Tuesday’s hearing that Sun’s violations spanned his career as a senior executive at the Industrial and Commercial Bank of China, Bank of Communications and Citic Bank.
The fall of Sun is among a series of transplant examinations which has shaken Citic Group and its subsidiaries since 2019.
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