Ex-Chairman of Hengfeng Bank sentenced to death
Jiang Xiyun embezzled 754 million yuan of the bank’s shares

The former chairman of Hengfeng Bank - Jiang Xiyun has been
sentenced to death by a Chinese court for making illegal gains of over $100
million. The bank was founded in 1987 as a pioneering home savings bank and
became a joint-stock bank with a business license to operate nationwide in
2003.

According to Yantai Intermediate People’s Court, Jiang Xiyun
moved 754 million yuan ($108 million) worth of Hangfeng shares to his personal
account between 2008 and 2013. He also found guilty of taking bribes of more
than 60 million yuan together with another bank executive, illegally guaranteeing
CNY 3.7 billion in credit to affiliates without charging the related fees, and ordering
the illegal destruction of accounting records for over CNY 660 million worth of
transactions.

Jiang Xiyun’s Hengfeng stock and related interests will be
returned to the bank, whereas his personal property will be confiscated by the
government.

The death sentences are likely changed to life in prison based on the behavior during the reprieve period. However, 70-year-old Jiang Xiyun would not be granted any further reduction in jail term or parole if the sentence was commuted.

Source - Regulation Asia

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