Key facts
- Xu Hai, a former ICBC provincial branch head, received a 10.5-year prison sentence for accepting over 12 million yuan in bribes.
- Gu Jiangang, former head of asset management at ICBC, was sentenced to life in prison for bribery and embezzlement involving approximately 140 million yuan.
- Zhang Hongli, a former ICBC vice-president, received a death sentence with a reprieve for taking 177 million yuan in bribes.
- Liu Lixian, former head of ICBC's discipline inspection commission, was sentenced to eight years in prison for accepting over 17.76 million yuan in bribes.
A former provincial branch head at China's Industrial and Commercial Bank of China Ltd. (ICBC), Xu Hai, has been sentenced to 10 and a half years in prison for accepting over 12 million yuan ($1.8 million) in bribes. The sentencing of the 63-year-old banking veteran, whose misconduct reportedly spanned two decades, underscores the persistent corruption risks within China's state-owned financial sector amid an ongoing anti-graft campaign.
This case follows other high-profile convictions within ICBC and the broader Chinese financial system. Gu Jiangang, the former head of asset management at ICBC, was sentenced to life in prison for bribery and embezzlement involving approximately 140 million yuan ($21 million). Gu oversaw nearly 3 trillion yuan in wealth management funds at the bank.
Additionally, Zhang Hongli, a former vice-president at ICBC, received a death sentence with a two-year reprieve for taking 177 million yuan ($24 million) in bribes between 2011 and 2022, facilitating loans and arranging jobs. Zhang had previously worked at Deutsche Bank before joining ICBC and later moved to private equity firm Hopu Investment Management Co.
Liu Lixian, the former head of the discipline inspection commission at ICBC, was sentenced to eight years in prison for accepting bribes exceeding 17.76 million yuan (about $2.5 million). Liu allegedly used his positions at various entities, including ICBC, to assist others in business operations, case handling, and job recruitment. He voluntarily surrendered in August 2022.