Aug 30, 2024 07:56 PM
FINANCE
Former ICBC Senior Vice President Prosecuted on Bribery Charges
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Zhang Hongli. Photo: file photo
A former senior executive vice president at Industrial and Commercial Bank of China Ltd. (ICBC) (601398.SH), the world’s largest commercial bank by assets, has been prosecuted for alleged bribery, China’s top prosecutor announced Thursday.
Zhang Hongli is facing charges of taking advantage of his power at the bank to seek benefits for companies and individuals in exchange for substantial bribes, according to a statement by the Supreme People’s Procuratorate, which did not specify the exact amount of pay-offs.
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- Zhang Hongli, former ICBC executive, faces prosecution for allegedly accepting bribes in exchange for leveraging his bank position.
- Zhang was expelled from the Communist Party in May after an investigation revealed various corruption-related activities.
- He worked for ICBC from 2010 to 2018, and his career includes roles at Hewlett Packard, Schroders, Goldman Sachs, and Deutsche Bank.
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Who’s Who
- Industrial and Commercial Bank of China Ltd. (ICBC)
- Industrial and Commercial Bank of China Ltd. (ICBC) (601398.SH) is the world’s largest commercial bank by assets. Zhang Hongli, a former senior executive at ICBC, has been prosecuted for alleged bribery. Zhang worked at the bank from 2010 to 2018 and was expelled from the Communist Party in May over corruption allegations following a graft-busters' investigation. ICBC has seen several executives brought down in China’s anti-corruption campaign.
- Hopu Investment Management Co. Ltd.
- Hopu Investment Management Co. Ltd. is a private equity giant where Zhang Hongli joined as co-chairman after leaving Industrial and Commercial Bank of China Ltd. (ICBC). The company focuses on investment management and has a notable presence in the financial sector.
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What Happened When
- From 2010 to 2018：
- Zhang Hongli worked for state-owned ICBC.
- After leaving ICBC：
- Zhang joined private equity giant Hopu Investment Management Co. Ltd. as co-chairman.
- Thursday：
- China’s top prosecutor announced that Zhang Hongli has been prosecuted for alleged bribery.
- May 2024：
- Zhang was expelled from the Communist Party on corruption allegations following a months-long probe.
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