China Hands Ex-Merchants Bank President Suspended Death Sentence [Financial Post (Toronto, Ontario, Canada)]
Community Bank System, Inc. (CBU)
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Source: Financial Post
Author of the article: (Bloomberg) — Chinese authorities sentenced Tian Huiyu, the former president of China Merchants Bank Co., to a suspended death sentence after charging him last year over bribes and insider trading. The verdict, which carries a two-year suspension, was reported by China Central Television and came almost a year after charges were brought. Tian was arrested and expelled from the Communist Party in October 2022. Article content Article content President Xi Jinping has been tightening his grip over China's $61 trillion financial sector with sweeping crackdowns on corruption and violations. He vowed earlier this year to deepen anti-corruption efforts in sectors from finance to energy and show “no mercy” in the fight, even after having claimed initial victory in mid-2022. Tian was accused of using his positions at firms including the trust arm of China Cinda Asset Management Co. and Merchants Bank to gather “huge” bribes in exchange for loan approvals and
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