Bank of China ex-chairman admits to taking bribes

The former head of the Bank of China (BOC) admitted he was guilty of corruption during a trial on Wednesday, state media reported, the latest development in a lengthy crackdown on graft in the country's financial sector.

Liu Liange, who served as chairman of the Bank of China from 2019 to 2023, was charged with "accepting bribes and illegally providing loans", state broadcaster CCTV reported.

Following Wednesday's trial in the eastern city of Jinan, Liu "made a final statement and expressed his guilt", CCTV said, adding that he will be sentenced at a later date.

An official investigation into the former executive was first reported in March 2023, when the ruling Communist Party's top anti-graft watchdog said he was suspected of "severe violations" of party rules.

Since coming to power over 10 years ago, Chinese President Xi Jinping has overseen an aggressive campaign to root out corruption throughout all levels of government.

Proponents say Xi's anti-corruption drive promotes clean governance but critics argue it also serves as a way for him to purge political rivals.

Such efforts have increasingly set their sights on the financial and banking sectors.

Liu's admission of guilt comes one week after former Chinese central bank Deputy Governor Fan Yifei was accused of accepting large bribes during his time in office.

Earlier this month, Li Xiaopeng, the former head of Chinese state-owned banking giant Everbright Group, came under investigation for "severe violations" of the law.