Business
17:38, 05-Aug-2017
Former senior banker jailed for 14 years over graft in China
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China's anti-graft watchdog said on Saturday the former chairman of the supervisory board at the country's largest policy lender, the China Development Bank, has been sentenced to jail for 14 years and fined 3.5 million yuan (520,276 US dollars) for receiving bribes.
The Central Commission for Discipline Inspection (CCDI) said in a statement on its website that Yao Zhongmin accepted bribes amounting to 36.2 million yuan directly or indirectly through his brother between 2002 and 2013.
He accepted the money in exchange for help with loans and other contract work, it said.
The court handed down a lighter sentence because Yao assisted with the investigation by admitting guilt and disclosing the whereabouts of the proceeds of his crime, the CCDI said.
The watchdog announced in June 2016 that Yao was under investigation.
China has waged a widespread campaign against corruption, targeting sectors from the military to finance.
(Source: Xinhua)