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China Sentenced Former Head of ICBC Shanghai to Lifetime Imprisonment for Receiving $21 Million in Bribes
13th August 2021 | Hong Kong
China has sentenced former Head of ICBC Shanghai Gu Guoming to lifetime imprisonment for receiving $21 million (CNY 136 million) in bribes between 2005 to 2019. As the Head of ICBC Shanghai, Gu Guoming had took advantage of his position in power, including helping individuals and companies to obtain bank credit. According to the Shanghai court verdict, Gu Guoming had pleaded guilty and had helped to recover most of the $21 million in bribes. (ICBC ~ Industrial and Commercial Bank of China is the largest bank by assets in China).
“ China Sentenced former Head of ICBC Shanghai to Lifetime Imprisonment for Receiving $21 Million in Bribes ”
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Lifetime Imprisonment & Death for Corruption
In January 2021, China had sentenced former Chairman of China Development Bank Hu Huaibang to lifetime imprisonment for receiving bribes. In the same month, former Chairman of China Huarong Asset Management Lai Xiaomin was sentenced to death for corruption.
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