China's Ex-Banker Gets Death Sentence: A Graft Saga

Former deputy central bank governor of China, Fan Yifei, was sentenced to death with a two-year reprieve for taking over $54 million in bribes. His conviction is a significant part of China's ongoing anti-corruption campaign in the financial sector. The sentence will convert to life imprisonment without parole after the reprieve.

China's anti-corruption campaign in the financial sector has seen a shocking development with former deputy central bank governor, Fan Yifei, being sentenced to death, state media reported. The sentence comes with a two-year reprieve before conversion to life imprisonment without parole.

Fan, who misused his authority at the central bank and other significant financial institutions, was found guilty of accepting over 386 million yuan ($54.55 million) in bribes. The verdict was delivered by the Huanggang Intermediate People's Court in Hubei province, highlighting the serious nature of his crimes.

This dramatic sentencing marks Fan as the highest-ranking official at the People's Bank of China to face such charges, underscoring President Xi Jinping's decade-long anti-graft initiative. Despite repeated attempts, Reuters could not reach Fan for comments.

(With inputs from agencies.)