Former People's Bank of China vice governor faces bribery charges By Investing.com

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Former People's Bank of China vice governor faces bribery charges

Published Sep 28, 2023 11:30

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Former People's Bank of China vice governor faces bribery charges

The former vice-governor of the People's Bank of China, Fan Yifei, is facing prosecution on bribery charges by the Huanggang People's Procuratorate in Hubei province, according to a statement issued by the Supreme People's Procuratorate on Wednesday.

Fan has been accused of taking bribes and profiting from various positions he held throughout his career. The announcement came following the conclusion of an investigation by the National Commission of Supervision into Fan's activities. His case was then handed over to the Supreme People's Procuratorate (SPP), which approved Fan's arrest in June and assigned the Huanggang procuratorate for case review and prosecution.

During his career, Fan served as deputy director of the fund planning department, general manager of the finance and accounting department, vice president of China Construction Bank (OTC:CICHF); vice president of China Investment Corporation; chairman of the Bank of Shanghai; and vice governor of the People's Bank of China. According to the SPP, Fan allegedly used these positions to help companies and individuals secure loan financing, business contracts, and work transfers. In return, he accepted a significant amount of property from those he assisted.

Fan began serving as vice-governor of the People's Bank of China in February 2015. However, his career took a turn in November 2022 when he was placed under disciplinary review and supervisory investigation. This action marked him as reportedly the first high-ranking official investigated after October's 20th National Congress of the Communist Party of China. A month later, he was removed from his position as vice-governor.

In June this year, China's top anti-graft watchdogs, the CPC Central Commission for Discipline Inspection and the National Commission of Supervision, announced Fan's expulsion from the Party and his removal from all public posts. The Huanggang procuratorate has since informed Fan of his litigation rights during the review and prosecution phases, interrogated him, and listened to the opinions of his defense counsel.

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