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 by Staff Writers Beijing (AFP) July 30, 2020
A former top banker in China pleaded guilty Thursday to illegally receiving over $12 million after being caught last year in President Xi Jinping's sweeping campaign against corruption. Hu Huaibang, former party secretary and chairman of the China Development Bank, had taken advantage of his positions to illegally receive money and goods worth a total of 85.5 million yuan ($12.2 million) between 2009 and 2019, heard a court in northern Chengde city. The accusations included using his status -- and staff in other countries -- to help obtain and increase bank credit lines, set up an auto finance company, and assist with job promotions, reported the state-run People's Daily. Hu pleaded guilty at the hearing attended by more than 30 people including national, provincial and municipal people's congress representatives, the report added. He will be sentenced at a later date. More than one million officials have been punished in Xi's crackdown on corruption, though critics say it has also served as a way for him to purge political rivals. Hu had worked his way up China's financial sector, moving between regulatory positions and state-owned companies before landing the top job at the Bank of Communications. In 2013 he became chairman of China Development Bank and held the position until September 2018. But his connection to fallen Chinese oil tycoon Ye Jianming, chairman of CEFC China Energy, appeared to have landed him in trouble. In Hu's roles at the Bank of Communications and the CDB, he allegedly helped CEFC secure billions in credit lines for its overseas deals.
Singapore PM hopes businesses stay in Hong Kong Washington (AFP) July 28, 2020 Singapore's prime minister said Tuesday he was not looking to woo businesses out of Hong Kong, saying it was more important to preserve calm after China's controversial security law. "We think it's better for Hong Kong and better for the region - and Singapore - if Hong Kong is stable and calm and prosperous," Prime Minister Lee Hsien Loong said. "On balance, I would say I much prefer Hong Kong doing well than to have people looking for places to go out of Hong Kong," he told a virtual event o ... read more
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