What’s new: Fu Xiaodong, former president of the Henan branch of China Development Bank, was expelled from the Communists Party, removed from public positions and turned over to prosecutors on corruption charges, the country’s anti-graft watchdog said Monday.
The banker was found to have illegally accepted banquets, expensive gifts and shopping cards from his supervision targets, clients and subordinates, the Central Commission for Discipline Inspection (CCDI) said in a statement. In exchange, he provided preference in hiring and promotions, help in bond underwriting and obtaining loans for companies, and illegal intermediaries in clients’ project bidding. He also often organized and participated in mahjong games through which he accepted winning bets as bribes.
