Yao Zhongmin, former head of China Development Bank's supervisory board, has been sentenced to 14 years in prison and fined 3.5 million yuan (520,276 US dollars) for corruption and bribery, a court in north China's Baoding city, in Hebei Province said on Friday morning.

According to Baoding Intermediate People's Court, Yao accepted money and valuables worth more than 36 million yuan (around 5.4 million US dollars) to seek benefit for others from 2002 to 2013.

CCTV Photo

Although that Yao confessed his crimes truthfully, and admit and regret his guilt on his own initiative, Baoding Intermediate People's Court has decided to ease his punishment.

All of the illicit money and goods have been recovered.