China condemns former Hengfeng Bank president to death penalty for corruption
The court ordered that his political rights be nullified and his assets confiscated. The sentence indicated that Cai Guohua took advantage of his position to “illegally occupy bank properties for his own benefit”
Chinese banker Cai Guohua, former chairman of Hengfeng Bank, was sentenced to death on Friday, suspended for two years for embezzlement, abuse of power, corruption and for taking bribes and illegal loans.
The Intermediate People’s Court in the city of Dongying, in northeast China’s Shandong province, explained in a statement released on the Weibo social network that if Cai no longer commits crimes, in the next two years, his sentence will be commuted to life in prison.
The court added that his political rights were nullified and his assets were confiscated. The ruling indicated that Cai took advantage of his position to “illegally occupy bank properties for his own benefit”.
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