Ex-China Development Bank chief jailed for life

Hu Huaibang, former chairman of China Development Bank, was sentenced to life in prison for bribery on Thursday by the Chengde Intermediate People's Court in Hebei province. Hu, also former secretary of the CDB committee of the Communist Party of China, was also deprived of his political rights for life and all of his property has been confiscated, the court said. Hu accepted the court's decision and said he will not appeal the verdict. The court found that Hu took advantage of his various posts to assist others in obtaining bank credit, operating their businesses and securing promotions between 2009 and 2019. In return, he accepted money and gifts worth more than 85.5 million yuan ($13.2 million).

Police probe 6,800 fundraising cases

Public security organs across China launched investigations into over 6,800 criminal cases of illegal fundraising last year, the Ministry of Public Security said on Thursday. The cases involved more than 110 billion yuan ($17 billion). Some 16,000 suspects were captured, with over 80 fugitive suspects arrested overseas, it said. To contain the financial risks brought about by peer-to-peer lending, Chinese police investigated over 60 online lending platforms, the ministry said. More than 80 illegal fundraising cases masquerading as elder care services were also investigated and punished last year, it added.

Xinhua