Market Chatter: Bank of China's Ex-Chair Receives Suspended Death Sentence

MT Newswires Live2024-11-27

Liu Lange, the former chair of Bank of China (SHA:601988), received a death sentence with a two-year reprieve for bribery and illegal loan issuance, Xinhua News Agency reported Tuesday.

This meant that Liu would be imprisoned for life instead of a death sentence if he commits no further crimes during the two-year period.

Liu became chair of Bank of China in 2019 and was expelled in October 2023 after accusations by China's ruling Communist Party, Reuters reported separately.

Liu was accused of accepting more than 121 million yuan of bribes and facilitated the issuance of over 3.32 billion yuan in loans, Xinhua said, citing a court in the city of Jinan.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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