Hu Huaibang (Chinese: 胡怀邦; born 25 September 1955) is a Chinese former banker. He was chairman of the China Development Bank, a Fortune Global 500 company. He was expelled from the Chinese Communist Party in January 2020 and sentenced to life in prison in January 2021 for corruption.
Hu Huaibang | |||||||
|---|---|---|---|---|---|---|---|
胡怀邦 | |||||||
| Chairman of the China Development Bank | |||||||
| In office April 2013 – September 2018 | |||||||
| Preceded by | Chen Yuan | ||||||
| Succeeded by | Zhao Huan | ||||||
| Chairman of the Bank of Communications | |||||||
| In office September 2008 – April 2013 | |||||||
| Preceded by | Jiang Chaoliang | ||||||
| Succeeded by | Niu Ximing | ||||||
| Personal details | |||||||
| Born | 25 September 1955 Luyi County, Henan, China | ||||||
| Political party | Chinese Communist Party (1981–2020, expelled) | ||||||
| Spouse | Xue Yingjuan | ||||||
| Children | 1 | ||||||
| Alma mater | Jilin University | ||||||
| Chinese name | |||||||
| Traditional Chinese | 胡懷邦 | ||||||
| Simplified Chinese | 胡怀邦 | ||||||
| |||||||
Career
editHe earned a bachelor's degree in economics from Jilin University, and a PhD in economics from the Shanxi University of Finance and Economics in 1999.[1] In 2000 he began working for the People's Bank of China, the central bank. He was posted in Chengdu, then Xi'an. He then joined the China Banking Regulatory Commission as a discipline official and a member of the party committee. In September 2008 he became chairman of the Bank of Communications. In April 2013 he was named chairman of the China Development Bank.[2][3][4] He held the position until 2018, when he was removed from office on suspicions on corruption.[5]: 83, 159
Hu was an alternate member of the 18th Central Committee of the Chinese Communist Party.
Investigation and conviction
editOn 31 July 2019, he was placed under investigation for alleged "serious violations of (Communist Party) discipline and law", said in a statement by the Central Commission for Discipline Inspection, the Chinese Communist Party's top anti-graft agency.[6][7]
Allegedly involved in the corruption cases of Wang Sanyun and Ye Jianming, he was expelled from the Communist Party on 11 January 2020.[8][9] On 12 February, he was arrested for suspected bribe taking. On 3 March, he was indicted on suspicion of accepting bribes. On 30 July, he stood trial at the Chengde Intermediate People's Court on charges of taking bribes.[10][11][12] The public prosecutors accused him of taking advantage of his various positions, including chairman of the Bank of Communications, or convenient conditions brought by his power and status, to seek benefits for companies or institutes and individuals in obtaining and increasing bank credit line, establishing auto financing companies and job promotions between 2009 and 2019.[10][11][12] In return, he received money and gifts worth more than 85.52 million yuan (about US$12.2 million).[10][11][12]
On 7 January 2021, China Central Television reported that Hu had been convicted and given a life sentence for corruption by the Chengde Intermediate People's Court.[13] The court described this as a light punishment due to mitigating circumstances: Hu had confessed and cooperated with prosecutors. The court also ordered the seizure of Hu's assets and indicated that Hu had already returned the 85.5 million yuan that he had received in bribes.[6]
Personal life
editHu married Xue Yingjuan (薛迎娟), their son, Hu Xiaodong (胡啸东; born 1982), once served as deputy general manager of the Asset Management Division of Hengfeng Bank.[14] On 12 February, Hu was arrested and his case was transferred to the procuratorate for further investigation and prosecution.[15]
References
edit- ^ "Executive Profile* Huaibang Hu". Bloomberg. Retrieved 31 July 2015.
- ^ xinhua (31 July 2019). "Former chairman of China Development Bank under investigation". chinadaily. Retrieved 6 October 2019.
- ^ Zhou Xin (31 July 2019). "China's ex-'super bank' chief faces probe as Beijing's financial sector corruption crackdown continues". South China Morning Post. Retrieved 6 October 2019.
- ^ Tony Munroe; Cheng Leng; Engen Tham; Min Zhang (31 July 2019). "Ex-chairman of China Development Bank under probe by graft-buster". reuters. Archived from the original on 1 August 2019. Retrieved 6 October 2019.
- ^ Chen, Muyang (2024). The Latecomer's Rise: Policy Banks and the Globalization of China's Development Finance. Ithaca and London: Cornell University Press. ISBN 9781501775857. JSTOR 10.7591/jj.6230186.
- ^ a b "China jails former China Development Bank chief for life for graft". South China Morning Post. 7 January 2021. Retrieved 7 January 2021.
- ^ Zhang Yuzhe; Lin Jinbing (31 July 2019). "Former China Development Bank Boss Investigated for Corruption". caixinglobal. Retrieved 6 October 2019.
- ^ "Former chairman of China Development Bank expelled from CPC". chinadaily.com. 11 January 2020. Retrieved 14 February 2020.
- ^ Hou Runfang (侯润芳) (11 January 2020). 国开行原董事长胡怀邦被开除党籍 曾涉王三运、叶简明案. bjnews.com.cn (in Chinese). Retrieved 12 January 2020.
- ^ a b c Xinhua (30 July 2020). "Former chairman of China Development Bank stands trial for graft". china.org.cn. Retrieved 25 February 2021.
- ^ a b c Zhang Yu (30 July 2020). "Former bank official stands trial for taking bribes". Chinadaily. Retrieved 25 February 2021.
- ^ a b c "Former Policy Bank Chief Stands Trial on $12 Million Bribery Charge". caixinglobal. 31 July 2020. Retrieved 25 February 2021.
- ^ William Zheng (7 January 2021). "China jails former China Development Bank chief Hu Huaibang for life for graft". South China Morning Post. Retrieved 25 February 2021.
- ^ Zhang Yuzhe (张宇哲); Ji Tianqin (季天琴); Huang Rong (黄荣) (5 August 2019). 特别报道 胡怀邦关系图谱：华信海航恒丰连环炸. sina (in Chinese). Retrieved 12 January 2020.
- ^ Cheng Leng; Brenda Goh (13 February 2020). "China arrests former China Development Bank chairman: media". reuters.com. Retrieved 14 February 2020.