POBC former vice-governor pleads guilty for bribery

Fan Yifei, former vice-governor of the People’s Bank of China, pleaded guilty for taking briberies at the Intermediate People’s Court in Huanggang, Hubei province, on Thursday.

From 1993 to 2022, Fan was found to have taken advantage of his positions, such as deputy head of China Construction Bank’s fund planning division, chairman of the Bank of Shanghai, vice-president of China Investment Corporation and vice-governor of the PBOC, to seek profits for relevant individuals and departments in loan financing, business contracting and work promotion, according to the Huanggang prosecutors.

In return, Fan accepted bribes worth more than 386 million yuan ($53.3 million), the prosecutors said while providing evidence during the trial.

Fan and his lawyer also shared their opinions on the accusation, and Fan confessed to the offense.

The ruling will be announced at a later date.

More than 40 residents, including national lawmakers and political advisers, attended the case hearing.

Fan, 59, a native of Jiangsu province, graduated with a doctorate degree in finance from Renmin University of China. He joined the Communist Party of China in 1991 and worked for the country’s bank system for decades.

In February 2015, he became the vice-governor of the PBOC.

He was placed under disciplinary and supervisory investigation in November 2022 – reportedly the first high-ranking official probed after October’s 20th National Congress of the CPC.

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