Former Bank of China Chairman Liu Liange has been sentenced to death with a two-year reprieve for accepting bribes and approving illegal loans. The Jinan Intermediate People’s Court in Shandong Province delivered the verdict on November 26, 2024, in a case that underscores China’s aggressive crackdown on corruption in its financial sector.
Liu was convicted of taking bribes totaling 121 million yuan (approximately $17 million) and approving illegal loans worth 3.32 billion yuan (approximately $466 million). The loans caused financial losses exceeding 190 million yuan (approximately $26.7 million).
The sentence includes the confiscation of all Liu’s personal assets and lifetime deprivation of his political rights. In China, a death sentence with a two-year reprieve typically means the penalty may be commuted to life imprisonment if no further offenses are committed during the reprieve period.
Born in 1961, Liu held prominent positions in China’s banking sector, including at the People’s Bank of China and the Export-Import Bank of China, before being promoted to chairman of the Bank of China in 2019. However, in October 2023, the Communist Party expelled Liu for illegal activities and corruption, marking the beginning of his legal troubles.
Liu’s case is part of a broader anti-corruption campaign targeting China’s financial sector. The campaign has ensnared several high-profile figures, including former deputy central bank governor Fan Yifei, who received a similar death sentence with a two-year reprieve in October for accepting bribes.
The court noted that Liu “truthfully confessed” to his crimes and that most of the stolen money and assets had been recovered, which influenced the decision not to enforce the death penalty immediately. Nevertheless, the financial and reputational damage caused by Liu’s actions highlights the ongoing challenges China faces in ensuring integrity within its institutions.
This verdict signals Beijing’s unwavering stance on rooting out corruption at the highest levels, particularly in sectors critical to the nation’s economic stability.
