The former chairman of the Bank of China, has been sentenced to death with a two-year reprieve after being convicted of bribery and illegal loan issuance.
The court ruling, delivered in Jinan, Shandong Province, reveals extensive corruption within one of China’s largest state-owned banks.
Liu was found guilty of accepting bribes amounting to over 121 million yuan ($16.8 million), in exchange for facilitating loan deals, project financing, and personnel appointments that benefited corrupt businesses and individuals.
Additionally, Liu was responsible for approving loans worth 3.32 billion yuan ($460 million) to ineligible companies, causing a financial loss of over 190 million yuan ($27 million).
Liu's crimes extended beyond his role at the Bank of China, involving similar abuses during his tenure at the Export-Import Bank of China.
His actions helped build a vast network of corruption that spanned both financial and political circles.
This case is part of a broader effort by Chinese authorities to address corruption, especially within the banking sector, which plays a central role in the country's economy.
The death sentence, with a two-year reprieve, reflects China's harsh stance on corruption, particularly for high-ranking officials.
This reprieve allows Liu's case to be reviewed, with the possibility of a reduced sentence depending on his conduct. In addition to the death sentence, Liu has been stripped of all political rights for life, and his personal assets have been confiscated. The ruling also orders the return of his illicit earnings to the state.
This conviction is part of President Xi Jinping's anti-corruption campaign, which has targeted thousands of officials and businessmen.
Liu's case highlights the severe consequences of abusing power for personal gain and serves as a warning about the risks of corruption within China’s financial system.
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