Subscribe to CNN's Meanwhile in China newsletter to stay informed about the country's growth and its global effects. According to a documentary from state broadcaster CCTV, Fan Yifei, a former Chinese central banker, has been accused of accepting large bribes throughout his time in office.
Fan, a former top official at the Peoples Bank of China from 2015 to 2022, was charged with bribery in September. The revelation about his alleged crimes came just a day after Chinese leader Xi Jinping declared a crackdown on corruption in various industries. A recent CCTV program highlighted the extent of Fan's alleged crimes during his time as deputy governor, detailing "extraordinarily massive" payments he received from company executives in exchange for favors while in the PBOC's second-highest position.
In the documentary, Fan admitted, "I desired great power and wealth, but I realize now that I made a grave error." CCTV reported that Fan received payments through his brothers' investment company from businesspeople, and in exchange, he purportedly assisted them in obtaining loans and contracts. Additionally, he reportedly accepted gifts, including concert tickets and invitations to golf games, from individuals seeking to establish a relationship with him.
The program did not disclose the total amount of money Fan had accepted. Qian Long, a staff member of China's top anti-corruption watchdog, the Central Commission for Discipline Inspection (CCDI), revealed to the state broadcaster that Fan had conducted numerous undisclosed and evolving forms of corruption. He stated that Fan had utilized financial market regulations to conceal power-for-money transactions.
On April 20, 2016, Tang Shuangning, the chairman of China Everbright Group, delivered a speech at the grand opening of the Seoul Branch of China Everbright Bank in the South Korean capital. The ceremony signified China Everbright Bank's official entry into the South Korean market. (Xinhua via Getty Images)
Xinhua News Agency/Getty Images
Ex-chairman of China Everbright Group expelled from Communist Party
Fan came under investigation by Chinese authorities in November 2022, which led to his resignation from the bank, as reported by the official Xinhua news agency.
In June 2023, he was expelled from the Communist Party. In a joint statement, the CCDI and the National Supervisory Commission stated that Fan had participated in extravagant banquets and unauthorized travel arrangements for an extended period of time. The government agencies also accused him of facilitating job placements for individuals, including relatives who received salaries without fulfilling any actual work duties.
In the last year, CCDI has launched a widespread campaign to crackdown on the financial sector, resulting in the investigation of major figures such as Liu Liange, former chairman of state-owned Bank of China, and Wang Bin, former head of state-owned China Life Insurance. Earlier this month, another former top business leader in China was expelled from the Communist Party, indicating that the campaign is ongoing into the new year.
At the 16th CAIJING Annual Conference 2019: Forecasts and Strategies, former Vice President of ICBC (Industrial and Commercial Bank of China) Lee Zhang, also known as Zhang Hongli, delivered a speech on the topic "Four Decades of Reform and Opening Up in China: Direction and Motivation" in Beijing, China, on November 13,2018.
Niu bo/Imagine China/Reuters
Chinas corruption watchdog investigates former ICBC banker as clampdown continues
Tang Shuangning, the former chairman and party chief of China Everbright Group, was expelled from his position after an investigation revealed that he had unlawfully received funds and gifts, including substantial amounts of property, according to authorities. Tang had held the position of chairman at China Everbright from 2007 to 2017, making him one of the longest-serving leaders of the country's oldest and largest state-owned financial conglomerates.
The CCTV documentary not only uncovered corruption in the Fans case, but also revealed graft within a state-owned energy investment group and at the highest levels of Chinese sport. Allegations were made against Li Tie, the former head coach of the men's national soccer team, accusing him of accepting millions of dollars in bribes in exchange for selecting players from a specific soccer club, among other offenses.
Li resigned from his position in December 2021, prior to being investigated by authorities in 2022. According to Xinhua, he was officially charged with bribery in August 2023.
The documentary has caused a stir since its broadcast. As of Thursday, it was one of the top trending topics on Weibo, Chinas Twitter-like social networking platform, with 150 million views.
