Prominent Former China Development Bank Officials Punished for Corruption

Two former provincial branch presidents of the China Development Bank (CDB), the country’s biggest policy lender, have been expelled from the Communist Party for bribery and illegal loan issuance, the top anti-graft agency said.

Xu Weihua, 58, a former president of the CDB’s branch in the southern island province of Hainan, was found to have taken massive amounts of bribes and abused his power to seek benefits for others, according to a statement released by the Central Commission for Discipline Inspection (CCDI) on Thursday. Xu also failed to fulfil his obligations and responsibilities in loan issuance, which caused huge losses, the statement said.