Former Citic Bank Exec Sentenced to 15 Years’ Jail for Bribery

The conviction is said to be linked to a criminal case involving the head of a Citic Group asset management subsidiary.

A former vice president of state-owned China Citic Bank has been sentenced to 15 years in prison for accepting bribes after issuing loans, Caixin has reported.

Chen Xuying, 47, was appointed vice president in 2017. She headed up the Citic Bank’s Shenzhen branch from 2012 to 2018.

In September 2018, she surrendered to authorities, along with her husband. Her conviction is said to be linked to a criminal case involving the head of an asset management subsidiary of state-owned conglomerate Citic Group Corp, which owns Citic Bank.

Caixin reports that Chen plans to appeal the 15-year sentence.

In May, a former president of Citic Bank, Sun Deshun, was indicted by the Supreme People’s Procuratorate on a charge of taking bribes.

He is alleged to have taken advantage of his position and accepted money and gifts in return for favours such as approving loans for companies (including HNA Group) and individuals (including relatives and friends). Sun was expelled from the CCP in March.

Citic Bank is also separately facing a CBIRC (China Banking and Insurance Regulatory Commission) investigation over an alleged leak of sensitive client information.

The investigation was prompted by social media complaints from a high-profile client complained saying the bank had shared his transaction records with his employer without his authorisation.