Ex-Bank of China Manager Gets Life Sentence for Massive $325m Corruption Scandal

A former bank manager in China, Xu Guojun, has been sentenced to life in prison for embezzling a staggering $325 million during his tenure from 1993 to 2001.

The case is part of President Xi Jinping’s anti-corruption efforts targeting the $60 trillion financial industry. Xu exploited loopholes in the bank’s system with two accomplices, who received sentences of 12 and 13 years. More than $290 million has been recovered.

Xu, who fled to the US in 2001 but was repatriated two years ago, won’t appeal the conviction. He’s lost political rights for life, and all his assets are confiscated.

This is a significant move in China’s ongoing crackdown on corruption in the financial sector. President Xi aims to address extravagant lifestyles among bankers.

Other high-profile executives from state-owned banks, like the former chairman of the Bank of China and the ex-chairman of China Life Insurance, have faced legal consequences recently.

The push to eliminate corruption in the financial industry continues, with authorities emphasizing that the crackdown is far from over. (Source: BBC)


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