By Costas Paris
The former head of the Bank of China and the Export-Import Bank of China, veteran banker Liu Liange, has been arrested on corruption charges. This development comes as part of Beijing's extensive crackdown on corruption within the domestic financial system.
Liu Liange served as the president of the Bank of China from 2018 until his resignation earlier this year. Before that, he worked for 11 years at Cexim where he played a pivotal role in the bank's substantial expansion into ship financing, establishing it as one of the industry's leading lenders.
The charges against him include engaging in risky credit deals related to ship financing, as well as involvement in illegal loan distribution and bribe acceptance. Liu Liange could not be reached for comment at this time.
During a shipping conference in 2016, Liu Liange proudly stated that his policies at Exim Bank had bolstered the institution's loan portfolio to approximately $25 billion.
In March, the Bank of China confirmed Liu Liange's resignation. Shortly after, the Communist Party's Central Commission for Discipline Inspection announced an investigation into his activities.
As of recent, Liu Liange has been expelled from the Communist Party.
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