Zhang Hongli, a former vice-president of the Industrial and Commercial Bank of China, has been sentenced to death with a two-year reprieve for taking more than 177 million yuan (US$24.3 million) in bribes, according to state media.
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The Intermediate People’s Court of Hangzhou in eastern Zhejiang province found that from 2011 to 2022, Zhang had “leveraged” his position at ICBC – the world’s biggest bank by total assets – to provide assistance to entities and individuals for loan financing and securing jobs and that he accepted bribes in return, state broadcaster CCTV reported on Wednesday.
The severity of Zhang’s crimes warranted the death sentence, the court said, citing the “particularly huge bribery amount, serious criminal circumstances, and detrimental social impact” which had caused “significant loss” to the country and people’s interests.
But Zhang was given a two-year reprieve because he cooperated with the authorities, including confessing his crimes and providing information about previously unknown cases of bribery. Zhang also returned a significant portion of the illicit funds, according to the court.
He was stripped of his political rights for life and all his assets were seized.
Zhang was placed under investigation by China’s top anti-corruption watchdog, the Central Commission for Discipline Inspection, in November 2023.
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