China Charges Ex-ICBC Banker Lee Zhang Over Alleged Bribery

Zhang Hongli, a former senior executive at Industrial and Commercial Bank of China Ltd., has been prosecuted for alleged bribery, Caixin Global reported, citing China’s top prosecutor.

Zhang, a former senior vice president of the world’s largest commercial bank by assets, used his position to secure advantages for companies and individuals in return for substantial bribes, according to a statement from the Supreme People’s Procuratorate, which did not disclose the exact amounts involved, according to Caixin. 

China opened a corruption investigation into Zhang last year, marking one of the highest profile investigation in China’s years long campaign to root out graft in the finance industry. He was expelled from the Communist Party in May.

Also known as Lee Zhang, he worked at ICBC from 2010-2018 after earlier holding top roles at Deutsche Bank AG and Goldman Sachs Group Inc. Zhang joined private equity giant Hopu Investment Management Co. Ltd. as co-chairman after leaving ICBC. 

The investigation revealed that Zhang accepted travel benefits that could undermine his impartiality in carrying out public responsibilities, organized banquets and trips paid for with public funds, and granted favors in employment decisions, according to Caixin.

Anti-corruption officials also charged him with abusing his authority for personal gain, using his official roles to assist others with loan financing, and taking significant bribes, the news site said. 

President Xi Jinping has tightened the reins over the sector in recent years to install a more “centralized and unified leadership” and cracked down on the “hedonistic” lifestyles of bankers. Authorities also made financial stability a top priority as they strive to revive the economy without stoking unintended risks.

This article was generated from an automated news agency feed without modifications to text.