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Ex-Bank chairman sentenced to death

Favour akachukwu okoye

Dec. 29, 2019

Jiang Xiyun, the former chairman Hengfeng Bank Co., has been sentenced to death with a two-year reprieve by a Chinese court for making illegal gains of over $100 million.
Bloomberg reports that Yantai Intermediate People’s Court gave the ruling.
He was convicted for moving 754 million yuan ($108 million) worth of Hangfeng shares to his personal account between 2008 and 2013.
Xiyun was also found guilty of taking bribes of more than 60 million yuan together with another bank executive.
However, a reprieved death sentence may be commuted to a life sentence if the person shows good behavior within the allotted period.
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