On November 28, the Supreme People's Court and the Supreme People's Procuratorate jointly released six typical cases of financial sector duty-related crimes, with the third case drawing particular attention—a bribery case involving the "revolving door" between government and business.
The judicial authorities outlined the case's core details: "From January 2016 to July 2018, defendant Huang leveraged her position as head of the Asset Management and Institutional Business Departments at a state-owned commercial bank to facilitate the inclusion of companies controlled by Huang Qisen in the bank's special client list. Huang Xi and Huang Qisen agreed that initial payments would be disguised as 'relocation fees,' with further funds labeled as 'salaries' after Huang Xi resigned and joined Huang Qisen's company."
The financial scale and legal outcome were clearly stated: "In March 2018, Huang Xi received 30 million yuan as 'relocation fees' before resigning. She signed an employment contract on August 13, 2018, with a subsidiary of Huang Qisen's company, stipulating an annual salary of 5 million yuan plus 5 million yuan in bonuses. By March 13, 2022, Huang Xi had illicitly obtained 42.68 million yuan under various pretexts, with an additional 10.11 million yuan pending. She also accepted 3.33 million yuan in bribes from other sources."
The verdict: "After prosecution by Baicheng City Procuratorate, the Intermediate People's Court sentenced Huang Xi to 14 years for bribery, considering her partial confession and full restitution of illicit gains. A 4 million yuan fine was imposed, and all illegal proceeds were confiscated. The appeal was rejected by the Jilin High People's Court."
The case exemplifies "revolving door" corruption, where officials monetize influence post-resignation under the guise of corporate employment—a practice noted for its opacity and investigative challenges. Public records confirm the defendant as Huang Xi, former head of China Construction Bank Corporation's Institutional Business Department and later executive VP of Tahoe Group.
Huang Xi, who joined CCB in 1986, rose through ranks to wield significant authority during Tahoe's aggressive expansion (2016–2018). She allegedly manipulated credit approvals and bond issuances to benefit Tahoe, trading favors for a lucrative post-resignation role offering 10 million yuan annually.
Her scheme unraveled in May 2022 when CCB's disciplinary inspectors and Jilin authorities launched a probe. By November, she was expelled from the Party, with charges filed in January 2023.
Tahoe Group, entangled in the scandal, faces dire straits: As of October 2025, its overdue debt hit 69.86 billion yuan, with total liabilities soaring to 206.2 billion yuan (113.6% asset-liability ratio). Delisted in August 2023 after shares fell below 1 yuan, Tahoe reported 21.31 billion yuan net loss in 2024 and 3.19 billion yuan in H1 2025. Founder Huang Qisen, detained since August 2025 for suspected graft, saw his 27.4% stake frozen amid 158 billion yuan undisclosed lawsuits (2020–2022).
The group struggles to survive its debt crisis as legal proceedings continue.
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