What’s new: Li Jiping, a former executive vice president of the China Development Bank (CDB), is being investigated by China’s top corruption watchdog, the latest on a roster of high-ranking officials embroiled in graft probes related to the country’s largest policy lender by assets.
The retired CDB official is suspected of “serious violations of (Communist Party) discipline and law,” the Central Commission for Discipline Inspection (CCDI), China’s top graft buster, said Wednesday, using a common euphemism for corruption.
The background: Li, a native of Northeast China’s Liaoning province, held multiple positions at the CDB after joining the policy bank in 1994, serving as an executive vice president from 2008 to 2015, public information shows.
The CDB is one of many financial institutions to have come under the spotlight amid China’s anti-corruption campaign. Last year, the CCDI slammed the lender for rampant graft, with a lack of self-discipline at the leadership level and lax internal governance.
The campaign ensnared the bank’s former Chairman Hu Huaibang and another former executive vice president, He Xingxiang, who was sentenced in January to 20 years in prison for four crimes, including bribery.
Read more In Depth: Former Policy Bank Chief Used Personnel Shifts, Strong-Arm Tactics to Funnel Loans
Contact reporter Qing Na (qingna@caixin.com) and editor Jonathan Breen (jonathanbreen@caixin.com)
