China sentences former ICBC vice president to death with a stay of execution
Kyiv • UNN
Former ICBC vice president Zhang Hongli is sentenced to death with a stay of execution for taking $24 million in bribes. He received illegal payments between 2011 and 2022 in exchange for assistance in obtaining loans.
Zhang Hongli, former vice president of Industrial & Commercial Bank of China Ltd. This was reported by Bloomberg, according to UNN.
Details
According to China Central Television, the banker, also known as Li Zhang, was sentenced to two years' probation on Wednesday in a Zhejiang provincial court. All his assets will be confiscated.
China first launched a corruption investigation against Zhang, a former ICBC vice president, in late 2023. Later, in May last year, he was arrested and charged with bribery.
The investigation revealed that Zhang received $24 million in bribes between 2011 and 2022 in exchange for facilitating loans and arranging work for others.
Zhang joined ICBC, the world's largest bank by assets, in 2010 as an executive vice president from Deutsche Bank.
According to local media, in 2018 he left the bank due to family problems and joined Hopu Investment Management Co. as a co-chairman.
Other financial executives sentenced by China to death with a stay of execution included Liu Lange, former chairman of Bank of China Ltd. and Tian Huiyu, former president of China Merchants Bank Co.
