BEIJING (AP) – The former president of the main Chinese state bank behind Beijing’s initiative to build railroads and ports in dozens of Asian countries has been sentenced to life in prison on corruption charges, a court announced.
Hu Huaibang was sentenced on Thursday after being convicted of receiving 85.5 million yuan ($ 13.2 million) in bribes between 2009 and 2019, according to the Intermediate People’s Court in Chengde, a city north of Beijing . He said he used his post to help other people get jobs and loans.
Hu was also secretary of the Communist Party of the Development Bank of China, one of the richest creditors in the world.
The CBD is the main source of funding for the multi-billion dollar Belt and Road initiative to expand trade through the construction of railways, highways, ports, airports, power plants and other facilities in an arc from South Pacific countries to Asia, Africa and the Middle East for Europe.
BRI has generated complaints that some countries have debts they cannot pay. There was no indication that Hu’s accusation was linked to the BRI.
The court said Hu’s sentence was lenient because he confessed and handed over the bribe money.
Convictions for economic crimes in China sometimes result in the death penalty.
In an unrelated case, the former president of another government financial entity, Lai Xiaomin of Huarong Asset Management Co., was sentenced to death on Tuesday on charges of taking bribes.