Vice President of China Development Bank arrested

Ha Hung Tuong, vice president of China Development Bank, was arrested for investigation against suspicions of corruption.

According to today’s announcement by the Central Commission for Discipline Inspection of the Communist Party of China (CCDI), 58-year-old He Xingxiang is being investigated for “suspicion of serious violations of discipline and law”. referencing corrupt behavior.

Ha Hung Tuong, Vice President of China Development Bank.  Photo: Beijing News.

Ha Hung Tuong, Vice President of China Development Bank. Photo: Beijing News.

Before joining China Development Bank (CDB), Mr. Ha worked at Bank of China, one of the four state-owned commercial banks, then held the position of vice president of the Agricultural Development Bank and moved to Export-Import Bank of China, which is responsible for meeting the country’s huge trade finance needs.

He is the third senior CDB executive to be investigated since China launched an anti-corruption campaign. Eight months ago, former CDB chairman Ho Hoai Bang was sentenced to life in prison for accepting bribes of 85.5 million yuan (about $13.2 million). This is one of the most famous corruption cases in the financial industry in China.

In 2016, Yao Zhongmin, former deputy party secretary and head of the CDB’s supervisory board, was also sentenced to 14 years in prison for accepting bribes of 36.2 million yuan ($5.6 million).

CDB, one of China’s top three policy banks, is tasked with providing loans worth trillions of yuan under the direction of the government, playing an important role in financing projects. major infrastructure in the country and strategic investments abroad, including within the framework of the Belt and Road initiative.

Luster (Follow SCMP)

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