China Development Bank former VP given 12 years in jail, fine for bribery

The former vice president of China Development Bank (CDB) Wang Yongsheng has been sentenced to 12 years imprisonment and fined two million yuan ($280,000) for accepting bribes, state broadcaster CCTV said on Monday.

Wang was found to have abused his position at CDB, China's largest policy bank, to provide assistance to entities and individuals for loan financing, bond subscription, and personnel arrangements, and illegally accepted property from others totaling more than 23.51 million yuan from 2010 to 2019, CCTV said.