Former ICBC Vice President Arrested on Bribery Charges

Zhang Hongli, the former senior executive vice president of the Industrial and Commercial Bank of China Ltd. (ICBC), the world's largest bank by assets, has been arrested following a corruption investigation. The probe revealed that Zhang engaged in influence peddling and accepted substantial bribes [para. 1]. His case has been forwarded to the provincial prosecutor in East China’s Zhejiang, which issued the arrest warrant for bribery charges. This was announced by the country's top prosecutor on Thursday [para. 2].

Zhang has also been expelled from the Communist Party, a decision announced last week by the Central Commission for Discipline Inspection (CCDI), China’s leading anti-corruption body [para. 3]. The investigation into Zhang, which began in November, uncovered various forms of misconduct. These included using his position for personal gain, participating in superstitious activities, reading books with serious political problems, and accepting free rides on a client’s private jet [para. 4].

Zhang, 59, began his tenure at ICBC in 2010 as a senior executive vice president. His international experience was highly valued by the bank, given his two-decade-long career with prominent global firms such as Goldman Sachs Group Inc. and Deutsche Bank AG. In 2014, Deutsche Bank sued Zhang over a money transfer dispute, though the lawsuit was eventually dropped [para. 5]. He left ICBC in 2018 to join Hopu Investment Management Co. Ltd., a private equity giant, as co-chairman [para. 6].

Zhang’s academic credentials include an MBA from the University of California, Santa Clara, and a master's degree from the University of Alberta in Canada. However, the CCDI recently revealed that Zhang's doctorate in management science and engineering from the Chinese Academy of Sciences is fraudulent [para. 7]. For more details or inquiries, readers can contact reporter Zhang Yukun or editor Michael Bellart [para. 8].