3 August 2020.
Hu Huaibang, former secretary of the Communist Party of China and chairman of the China Development Bank (CDB), pleaded guilty on 30 July, in a $12 million graft case. Hu used his position and staff in other countries to set up an auto finance company, increase the bank credit lines and illegally received money and goods during his tenure as CDB chairman.
Hu had worked his way up China’s financial sector, moving between regulatory positions and state-owned companies before landing the top job at the Bank of Communications. In 2013 he became chairman of CDB and held the position until September 2018.
He is reported to be closely connected to fallen Chinese oil tycoon Ye Jianming, chairman of CEFC China Energy. He allegedly helped CEFC secure billions in credit lines for its overseas deals.
More than one million officials have been punished in Xi Jinping’s crackdown on corruption, though critics say it has also served as a way for him to purge political rivals.