Ex-ICBC Shanghai Boss Pleads Guilty to Bribery

Source: Regulation Asia Editors, Regulation Asia 2020-07-08

Prosecutors said Gu took advantage of his position to help others obtain loans and project contracts, and illegally received bribes worth over 136 million yuan.

A Shanghai court has heard that former top executive of ICBC, Gu Guoming, accepted bribes totalling more than CNY 136 million (USD 19.4 million) over more than a ten year period.

Gu, the former party chief and president of ICBC’s Shanghai branch, was first placed under a corruption probe for in June 2019. The probe was later said to be linked to an ongoing investigation into Liu Shiyu, the ex chief of the CSRC (China Securities Regulatory Commission). Gu was expelled from the CCP in November 2019.

According to a Tuesday (7 July) court statement, Gu was initially suspected of taking bribes worth CNY 5.9 million, but later confessed to an additional CNY 131 million he had accepted between 2008 and 2019.

Prosecutors said Gu took advantage of his position to help others obtain loans and project contracts, illegally receiving property from others in exchange, and that he should be held criminally responsible for bribery.

Gu pleaded guilty in court and awaits sentencing.

A number of other bank executives are also under investigation for corruption.

ICBC

Gu Guoming

Ex-ICBC Shanghai Boss Pleads Guilty to Bribery

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