Date
11 January 2020
A Chinese court has convicted the former chairman of Hengfeng Bank of corruption and other misdeeds. Photo: Bloomberg
A Chinese court has convicted the former chairman of Hengfeng Bank of corruption and other misdeeds. Photo: Bloomberg

Hengfeng Bank ex-chair sentenced to death with 2-year reprieve

The former chairman of China’s troubled Hengfeng Bank has been sentenced to death with a two-year reprieve, Reuters reports.

Jiang Xiyun was convicted of corruption, receiving bribes, illegally issuing financial notes, and illegally destroying accounting vouchers and accounting books, the Yantai Intermediate People’s Court was quoted as saying on Thursday.

The court verdict means that if Jiang commits no further crimes over the next two years, his sentence will be commuted to life imprisonment, according to Chinese law.

The Shandong-based bank is in the midst of a restructuring led by the government.

The lender has not released its annual report since 2017 due to management and liquidity issues.

The banking and insurance regulatory watchdog appointed its staff to head the bank in 2017, but the restructuring process has dragged since then.

Hengfeng Bank said earlier this month that it would issue 100 billion shares through a private placement, in one of the largest state-led rescues of small Chinese banks.

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