Form bank chief imprisoned for bribery

Wang Yongsheng, former vice-president of China Development Bank, was sentenced to 12 years in prison for taking bribes worth more than 23.51 million yuan ($3.3 million), a court in Jilin province announced on Monday.

Wang was also given a fine of 2 million yuan, and his illicit gains and related interests will be confiscated and turned over to the state treasury, according to the ruling made by the Jilin Intermediate People's Court.

After the investigation, the court found that Wang, from 2010 to 2019, took advantage of his positions in the bank, including as president of the bank's branch in Liaoning province and vice-president of the bank, to seek profits for some individuals and departments in matters such as obtaining loans, purchasing bonds and personnel adjustment and in return he accepted bribes of over 23.51 million yuan.

Wang's behavior has constituted the crime of bribery, and he should be severely punished due to the extremely large amounts of bribes, the court said.

"Considering that he confessed to the offense, and voluntarily shared some bribery facts unknown to investigators and returned his illicit gains, we've leniently punished him," it added.

Public information shows that Wang, 66, was placed under disciplinary and supervisory investigation in July 2023. In April, he was indicted on the charge of bribery. Three months later, the court publicly heard the case.