Ex-China Development Bank VP faces bribery charges

February 4, 2009 - 0:0

SHANGHAI (AFP) – A former vice president at China Development Bank, one of the country's three policy banks, has been charged with taking bribes, Chinese media reported Tuesday.

Wang Yi, who lost his job when officials detained him in June and launched an investigation, admitted to taking more than 10 million yuan (1.5 million dollars) in bribes, Caijing magazine reported, citing unnamed sources.
The ruling Communist Party's discipline department detained the 53-year-old Wang throughout the probe until his arrest late last month, Caijing reported on its website.
Investigators accused Wang of providing illicit loans to businesses, helping companies illegally issue shares and leading a “corrupt lifestyle”, the report said.
Wang was a vice chairman of the China Securities Regulatory Commission between 1995 and 1999 in charge of stock issuance and investment funds, before stepping down to join the China Development Bank.
He was also a close friend of Wei Dong, a controversial financial tycoon who committed suicide in April. Previous media reports indicated the Communist Party was investigating Wei before his death.