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Former S. China Bank Official Sentenced to Life in Prison
Zhang Baisen, former head of China Construction Bank (CCB) Foshan City Branch, has been sentenced to life in prison for accepting millions of yuan in bribes.
The ruling was handed down by the Intermediate People's Court of Foshan, south China's Guangdong Province. Zhang was also deprived of his political rights for life and his property was confiscated.
Court records show that Zhang, a native of Qian'an County of northeast China's Jilin Province, became head of CCB Foshan City Branch in 1987 and retired from the post in December 1992.
During his tenure as branch leader, Zhang approved a land development project near Daya Bay of Huizhou, Guangdong Province, in cooperation with a Hong Kong company. In exchange, Zhang asked the Hong Kong company to earmark five percent of the company's profits in the name of Zhang's eldest son.
Upon completion of the development project July 1993, the Hong Kong company had netted a profit of over 53 million yuan (about 6.39 million U.S. dollars) and deposited 1.8 million yuan (about 216,867 U.S. dollars) into a bank account in Zhang's son's name in April 1994.
In 1997, the Communist Party of China (CPC) Central Commission for Discipline Inspection launched an investigation of a senior official of Guangdong Province reported to be abusing his power on behalf of his children in land development projects near Daya Bay, and Zhang was told to assist investigators.
After a year-long investigation, Zhang and six others from the same bank branch were found guilty of embezzlement and accepting bribes.
Source: China Daily
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