The former chairman of the state-owned Bank of Beijing finds himself embroiled in a corruption investigation, marking the latest development in a string of probes targeting corruption within China’s financial sector.
Yan Bingzhu, who presided over the bank from its inception in 1996 until his retirement in 2017, now faces scrutiny alongside several other high-ranking officials for alleged “serious violations of discipline and the law,” as detailed in an announcement posted on the official website of Beijing city last Friday.
Yan’s situation underscores the ongoing anti-corruption campaign spearheaded by President Xi Jinping over the past decade. Critics argue that this campaign has been utilized in part to sideline political adversaries.
Notably absent from public appearances for over six months, Yan’s case joins a growing list of individuals targeted in anti-corruption efforts. President Xi recently reaffirmed his commitment to intensify crackdowns within the finance, energy, and infrastructure sectors, a move that some fear could impede the country’s economic recovery.
The State-Owned Bank of Beijing’s Former Chairman Under Investigation for Suspected Corruption (Credits; Reuters)
Tang Shuangning, a retired financial executive who formerly chaired China Everbright Group, was apprehended two months ago on suspicion of embezzlement and bribery, adding to the roster of those ensnared in corruption allegations.
Among those previously implicated is Sun Guofeng, a former senior official of the Chinese central bank, who received a sentence of over 16 years in prison for accepting bribes.
Sun Deshun, the former president of state-owned China CITIC Bank, faced a life sentence for allegedly accepting bribes totaling more than $130 million throughout his career. Additionally, Zhang Hongli, a former senior executive of the Industrial and Commercial Bank of China, the nation’s largest bank, has also come under investigation for corruption.
