The Chinese court ruled today (6th) that Cai Guohua, the former chairman of Hengfeng Bank, was sentenced to death for bribery.
Shandong Dongying City Intermediate People's Court informed on Weibo that Cai Guohua sentenced to six years in prison for the crime of abuse of power of state -owned company;The misappropriation of public funds is sentenced to ten years in prison; the death penalty was sentenced to the crime of bribery, and the execution of two years of slow periods, depriving political rights for life, and the second -year execution of the death sentence.The crime of loan was sentenced to 12 years in prison and a fine of RMB 200,000. It was decided to perform the death penalty and execute it for two years.
Cai Guohua was charged with abuse and misappropriation of public funds, including during the period from 2014 to 2016 to serve as the secretary of the Party Committee and chairman of Hengfeng Bank, he abused his powers and issued core employees' reward salary at Hengfeng Bank in violation of regulations.Hengfeng Bank's economic losses total more than 890 million yuan.
Cai Guohua was also accused of using the convenience of serving as the party secretary and chairman of Hengfeng Bank from 2015 to 2016. Without collective research, he decided to transfer Hengfeng Bank 4.8 billion yuan in funds to his personal control in the form of trust loans to his personal control.The company conducts profit activities and seek personal interests.
The court believes that Cai Guohua's crime of crimes and punishment should be punished according to law. He also said that Cai Guohua played the main role in joint corruption crimes and was the main criminal.
Hengfeng Bank is one of the 12 national joint -stock banks in China and the only national commercial bank in Shandong Province.At the end of 2017, the issues of executives, chaos, poor asset quality, and tight liquidity of the bank. Former chairman Cai Guohua was investigated for suspected serious disciplinary violations of the same year.
