The death sentence was issued for the vice president of the world's most famous bank

In the case heard in Hangzhou, Ciciang Province, the court found that Cang took 177 million yuan (about $24.4 million) in bribes during his tenure at ICBC and also found that he abused his position by providing unfair loans and business opportunities to individuals and companies .

The court sentenced Cang Hongli to death with a two-year reprieve for "bribery" and "abuse of office." Under Chinese law, her sentence will be commuted to life imprisonment if she does not commit any more crimes during that time .

Cang Hongli, 60, was known as a seasoned executive in international finance . Before ICBC, he had worked at American technology giant Hewlett Packard, British financier Schroders, American investment bank Goldman Sachs and Germany's Deutsche Bank .

Cang was a senior executive at the Industrial and Commercial Bank of China (ICBC) from 2010 to 2018. However, starting in 2021, he became one of the names implicated in large-scale corruption investigations into China's financial sector .

Cang, against whom a corruption investigation was launched in October 2023 , was expelled from the Communist Party of China in May 2024. This development was interpreted as an important step in the fight against corruption in the financial sector in the country .

Source: bloomberght.com