In China, a court sentenced the ex-vice president of the world’s largest bank to death
A Chinese court has handed down a two-year suspended death sentence to Zhang Hongli, former vice president of the Industrial & Commercial Bank of China (ICBC), for accepting bribes totaling 177 million yuan (approximately $24 million). ICBC is currently the world’s largest bank by assets, informs CCTV News.
According to the Hangzhou City People’s Court, all of the banker’s assets will be confiscated. The investigation found that from 2011 to 2022, Zhang, using his official position, facilitated certain organizations and individuals in matters of credit financing, personnel appointments and other areas. In return, he received bribes both directly and through intermediaries.
The court noted that the amount of bribes received was extremely large, and the crime itself was particularly serious, which caused significant damage to the state and society. In view of this, the punishment could be the death penalty without suspension.
However, the court took into account that after his arrest, Zhang fully admitted his guilt, voluntarily informed the investigation about the previously unknown facts of bribery, expressed remorse and contributed to the return of illegally obtained funds. A significant part of the bribes has already been confiscated, which became the reason for delaying the execution of the sentence.
If Zhang does not commit new crimes within two years and continues to cooperate with law enforcement agencies, his sentence could be reduced to life in prison.
