What’s new: Tai Ge, former chairman of Jilin Province Trust Co. Ltd. was sentenced to 14 years in prison for bribery, corruption and abuse of power as an executive of a state-owned enterprise.
Tai was also fined 3 million yuan ($936,200), according to a sentence disclosed Monday by Baicheng Intermediate People’s Court.
Between 2010 and 2019, Tai used his positions as vice president of Bank of Jilin and as general manager and chairman of Jilin Province Trust to provide help to companies and individuals in exchange for 69.3 million yuan of bribes, the court found. He also embezzled more than 2 million yuan of public funds at Bank of Jilin and abused his power in bank loan recoveries, causing 35 million yuan of losses to state interests.
The background: Tai was the fourth chairman of Jilin Province Trust to fall under corruption investigation, extending the state-owned company’s streak of scandals to involve every chairman since 2001.
Gao Fubo, chairman of the Jilin-based trust company between 2007 and 2015, was convicted of corruption, bribery and embezzlement in 2021 was sentences to 20 years in prison. Gao’s predecessor, Zhang Xinbo — the company’s chairman between 2001 and 2007 —was sentenced to death with a two-year reprieve for corruption in 2009.
The lengthy series of corruption scandals underscores governance issues at Jilin Trust, which completed a corporate restructuring in 2001. With registered capital of 1.6 billion yuan, the company is 97% owned by the Jilin provincial government’s financial department and is the only trust firm in the northeastern province.
Contact reporter Denise Jia (huijuanjia@caixin.com) and editor Bob Simison (bob.simison@caixin.com)
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