Former CITIC Bank Asset Management VP Luo Jinhui Sentenced for Bribery in First Trial

Deep News12-11

On December 11, the Liupanshui Intermediate People's Court in Guizhou Province publicly announced the first-instance verdict in the bribery case involving Luo Jinhui, former vice president of the asset management business center of CITIC Bank. Luo was sentenced to 12 years and nine months in prison and fined RMB 2 million for accepting bribes. His illegal gains and accrued interest were confiscated and turned over to the state treasury.

The court found that between 2014 and 2020, Luo Jinhui leveraged his positions—including senior trading expert at Industrial and Commercial Bank of China's asset management department, vice president of Bank of Communications' asset management business center, and vice president of CITIC Bank's asset management business center—to assist certain companies and individuals in securing financing, stock block trades, bond repurchases, and other transactions. In return, he accepted bribes totaling over RMB 44.37 million.

The court determined that Luo's actions constituted bribery on an especially large scale, warranting severe punishment. However, considering his truthful confession, voluntary disclosure of most undisclosed bribery facts, remorse, and full restitution of illicit gains, the court granted a lenient sentence in accordance with the law.

Luo Jinhui accepted the verdict in court and stated he would not appeal.

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