BEIJING, Nov 6 (Reuters) - A Chinese court sentenced on
Friday the former chairman of Hengfeng Bank, Cai Guohua, to
death with two-year reprieve after convicting him of abuse of
power, corruption, embezzlement, receiving bribes and illegal
loans, the court said.
If Cai commits no further crime over the next two years, his
sentence will be commuted to life imprisonment, the Dongying
City Intermediate People's Court of Shandong Province said in a
statement on its Weibo social media platform.
Last year, Cai's predecessor Jiang Yunxi was also found
guilty of corruption and sentenced to death with two-year
Hengfeng bank, based in Shandong province, has been
undergoing restructuring since 2017 when the banking and
insurance regulatory watchdog appointed its staff to head up the
lender due to management and liquidity issues.
In January, the bank received 100 billion yuan in strategic
investment through a share sale to state and foreign investors.
(Reporting by Zhang Yan, Ryan Woo in Beijing
Editing by Robert Birsel)