CDB has appeared frequently in the public eye recently. On September 13, the Xinjiang Banking and Insurance Regulatory Bureau issued a penalty against the Xinjiang branch of the China Development Bank, which was fined 400,000 yuan for "failing to effectively supervise the use of loan funds and not using credit funds according to the agreed purposes."
Not only that, the Xinjiang Banking and Insurance Regulatory Bureau also pointed out that when Li Yuting was the vice president of the Xinjiang branch of the China Development Bank, she was responsible for the leadership of the branch for failing to effectively supervise the use of loan funds and the failure to use the credit funds according to the agreed purposes, and imposed a fine of 80,000 yuan on the bank.
In fact, since the investigation of Hu Huaibang, the former chairman of the Cdb, many senior executives of the bank have been dismissed one after another. In July 2019, Hu Huaibang, former party secretary and chairman of CDB, was investigated for serious violations of discipline and law. After investigation, he took advantage of his position to directly or indirectly accept bribes of more than 85.52 million yuan from 2009 to 2019, and was sentenced to life imprisonment in the first instance on January 7 this year.
On September 9, the website of the Central Commission for Discipline Inspection and the State Supervision Commission announced that He Xingxiang, a member of the party committee and vice president of the bank, was under disciplinary review and supervision and investigation because of suspected serious violations of discipline and law.
On April 19, the website of the Central Commission for Discipline Inspection and the State Supervision Commission announced that Zhang Maolong, the former director of operations of the CdB, was suspected of serious violations of discipline and law and was under disciplinary review and supervision and investigation.
In addition to the top management of the head office, the leaders of many branches of the CdB have also been investigated this year.
Among them, on September 10, according to the Intermediate People's Court of Dongying City, Shandong Province, the Intermediate People's Court of Dongying City, Shandong Province, publicly pronounced a verdict in the first instance on the bribery case of Wang Xuefeng, former party secretary and president of the Shanxi Branch of the China Development Bank, through a remote video system. Wang Xuefeng was sentenced to 12 years' imprisonment and fined 2 million yuan for accepting bribes, and the stolen money and stolen property seized in the case were confiscated according to law and handed over to the state treasury.
In addition, Yang Degao, former vice president of the Hubei branch of cdb bank, has been expelled from the party, and Zhang Linwu, a senior expert of the former second bureau of evaluation of cdbed bank, has been "double-opened"; Xu Weihua, former president of the bank's Hainan branch, Lin Fang, former president of the Hubei branch, and Zhong Daohua, senior manager of the general affairs department, are under investigation.
Judging from the penalties, the bank has also received large fines twice this year. In February this year, the Hainan Branch of CDB was fined nearly 12 million yuan by the Hainan Branch of the State Administration of Foreign Exchange for handling the receipt and payment of current account funds and failing to conduct a reasonable review of the authenticity of the transaction documents and their consistency with foreign exchange receipts and payments. In March this year, the Hainan branch of China Development Bank received a total of 42.66 million fines for providing external guarantees without authorization.
According to the official website of the China Development Bank, the bank was established in 1994 and is a policy financial institution directly under the leadership of The State Council of China. In December 2008, it was restructured into China Development Bank Co., Ltd. In March 2015, the State Council clarified CDB's positioning as a development financial institution. In April 2017, the name of "China Development Bank Co., Ltd." was changed to "China Development Bank", and the organizational form was changed from a joint-stock limited company to a limited liability company.
This article originated from Blue Whale Finance
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