What’s new: Li Guorong, a former bank regulator in Southwest China’s Sichuan province, was expelled from the Communist Party and removed from public office for taking bribes, China’s top antigraft agency said Monday in a statement.
Li, 46, accepted illegal payments related to the failure of troubled Baoshang Bank Co. Ltd. while serving as a senior executive responsible for the bank’s government takeover, the Central Commission for Discipline Inspection (CCDI) said. Li took bribes from entrepreneurs and abused his power to offer them help in loan interest relief, loan issuance and extensions as well as debt restructuring, the CCDI said.
