Liu Liange, the former chairman of the Bank of China, has been sentenced to death with a two-year reprieve after being found guilty of accepting bribes worth over $16.8 million and issuing illegal loans during his tenure. The court ruling, delivered by a court in Jinan, Shandong Province, has shocked many, as Liu was once a powerful figure in China’s banking sector.

The court found that Liu accepted bribes totaling more than 121 million yuan ($16.8 million) in exchange for using his influence to assist companies with financial deals. These included securing favorable loans, arranging project deals, and providing personal favors for certain individuals. Liu’s illicit activities were not limited to his role at the Bank of China; he also exploited his position at the Export-Import Bank of China to further enrich himself and grant special privileges to select businesses.

Liu was also convicted of facilitating illegal loans totaling 3.32 billion yuan ($460 million) to companies that were ineligible for such financing. These loans, granted under improper terms, led to significant financial losses estimated at more than 190.7 million yuan ($27 million). The ruling emphasized that Liu’s actions not only violated banking regulations but also caused extensive harm to the country’s financial system.

As part of the court’s verdict, Liu has been stripped of his political rights for life. All of his personal assets have been confiscated, and the court ordered the recovery of his illicit earnings, which will be transferred to the state. The two-year reprieve in his death sentence indicates that, while Liu’s punishment is severe, there is a chance for his sentence to be commuted based on his conduct during the reprieve period.

Liu’s case is a high-profile example of China’s ongoing crackdown on corruption within its financial institutions. The Chinese government has been actively targeting officials and business leaders involved in corrupt practices, and this ruling highlight the significant consequences for those in power who exploit their positions for personal gain.

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