May 21, 2013
Translated by Pang Lei
A former vice president of China's Agricultural Bank has been expelled from the party and his official positions after an investigation by the Communist Party's internal anti-corruption body found that he had taken advantage of his position and accepted huge bribes. Yang Kun's (杨琨) case will now be passed to prosecutors.
According to a report in today's Beijing News, there is speculation that the investigation into Yang Kun is related to several other cases.
Caixin reported that Yang Kun had approved a 3 billion yuan loan to Wang Yaohui (王耀辉), an investor in Solana Mall, a well-known retail development close to Beijing's Chaoyang Park.
Other media reports have said that Yang's case is also tied to that of Xu Ming (徐明), the head of Dalian Shide Group, who was detained in 2012 and is reported to have close connections with the former party chief of Chongqing, Bo Xilai.
Caixin also reported that Yang is close to former PLA lieutenant general Gu Junshan, who was removed from his post in 2012.
In late April, Reuters reported that Yang Kun owed Macau casinos 3 billion yuan ($490 million) in gambling debts.
Yang is one of the highest-level banking executives to be detained on suspicion of corruption since reforms beginning in 2003 saw many of the country's state-owned banks list on the stock exchange.
Other examples of high-level bankers caught accepting bribes include Wang Yi (王益), the former vice president of China Development Bank, who was handed a suspended death sentence in 2010 after being found to have accepted almost 12 million yuan in bribes. The former head of China Construction Bank Corp., Zhang Enzhao (张恩照), was also sentenced to 15 years jail in 2006 after being found guilty of accepting bribes.
The Agricultural Bank of China announced last May that one of its five vice presidents had been detained by the communist party's Central Commission for Discipline Inspection. Yang was also an executive director at the bank and before his detention was seen as a possible candidate for further promotion.
Links and Sources
Beijing News:农行原副行长杨琨违纪被双开
Economic Observer Online: CCP Probes Agricultural Bank VP
Caixin: ABC Executive Is Target of Three Inquiries
