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Top banking official sacked for corruption

(Xinhua)
Updated: 2009-02-04 19:30

A senior banker of the state-run China Development Bank has been sacked for taking bribes, the disciplinary watchdog of the Communist Party of China said Wednesday.

Undated file photo shows Wang Yi, a senior banker of the state-run China Development Bank who has been sacked for taking bribes, the Communist Party of China's disciplinary watchdog said Wednesday.

Wang Yi, vice president of the bank, was removed from his official post and stripped of his CPC membership for "severe violation of disciplines and the law," said the CPC Central Commission for Discipline Inspection (CCDI), the ruling party's internal anti-graft body.

Investigations showed that Wang had abused his office to make profits for others and accepted large amounts of money in return, the commission said, without detailing the sums involved.

He was also found to have taken advantage of his post to make profits for his relatives' businesses, it said.

Wang has been referred to prosecutors and could face criminal charges. His illegal earnings resulting from violations of disciplines were confiscated, it added.

China Development Bank was set up in 1994 as a policy bank mainly meant to finance government projects. Wang previously served as a vice chairman of the China Securities Regulatory Commission, China's stock watchdog.