Former CDB Vice President Sentenced to 12 Years for Corruption

Wang Yongsheng, former vice president of China Development Bank, received a 12-year prison sentence. He was fined two million yuan for bribery charges. Wang exploited his CDB position from 2010 to 2019 to benefit individuals and entities financially, accepting illegal assets worth over 23.51 million yuan.

Wang Yongsheng, the former vice president of China Development Bank, has been handed a 12-year prison sentence along with a hefty fine of two million yuan for bribery, according to state broadcaster CCTV.

During his tenure at China's largest policy bank, Wang abused his position to assist individuals and entities with loan financing, bond subscriptions, and personnel arrangements in exchange for personal gain. The illegal dealings amounted to over 23.51 million yuan in property accepted as bribes from 2010 to 2019.

This case highlights issues of corruption within high-level financial institutions and emphasizes the ongoing efforts by Chinese authorities to clamp down on such illegal activities.

(With inputs from agencies.)