Senior Banker Expelled from Communist Party

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Last updated at: (Beijing Time) Wednesday, November 06, 2002

Senior Banker Expelled from Communist Party

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Wang Xuebing, former president of the China Construction Bank, has been expelled from the Communist Party of China (CPC) on charges of taking bribes, leading a decadent life and breaking financial rules.

The charges were made by the Central Commission for Discipline Inspection (CCDI) of the CPC, which held its Eighth Plenary Session in Beijing from Nov. 4 to 5.

Wang was an alternate member of the 15th Central Committee of the CPC. According to a communique adopted by the just-concluded Seventh Plenary Session of the 15th CPC Central Committee, Wang Xuebing was expelled from the Communist Party.

CCDI said in a report submitted to the Seventh Plenary Session that Wang had embezzled and taken bribes and expensive gifts to the tune of millions of yuan, that he had led a decadent life, and that he broke financial rules with severe consequences when he was general manager of the New York branch of the Bank of China and president of the Bank of China.

Wang's case has been turned over to China's judicial departments for investigation and prosecution.

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