Former vice president of China Development Bank expelled from CPC, office

BEIJING, Jan. 26 (Xinhua) -- He Xingxiang, former vice president of China Development Bank, has been expelled from the Communist Party of China (CPC) and dismissed from public office for grave violations of Party discipline and laws, the country's top anti-graft body said Wednesday.

The CPC Central Commission for Discipline Inspection and the National Supervisory Commission said an investigation into He found that he has lost his ideals and convictions, and betrayed his original aspirations and mission.

He abused his power of examination and approval over financial issues, which led to major financial risks and caused great losses for the country, according to the investigation.

He accepted gifts against the rules and took advantage of his positions to help others in financing, company business operation and securing employment, and illegally accepted a huge amount of money and valuables in return.

He has severely violated the Party discipline and been involved in serious violations of duty-related laws. He is also suspected of taking bribes, issuing financial bills against regulations, and granting loans illegally, the top anti-graft body said, adding that his case is serious in nature and has a bad influence.

In line with Party regulations and laws, a decision has been made to expel him from the Party and public office, confiscate his illicit gains, and hand over his case for judicial proceedings.