Image Credits - South China Morning Post
Chinese officials have handed down a suspended death sentence to Tian Huiyu, the former president of China Merchants Bank Co., on charges of bribery and insider trading laid last year. China Central Television reported the verdict, revealing a two-year suspended sentence almost a year after charges were filed. Tian Huiyu was arrested and expelled from the Communist Party in October 2022.
The court sentenced Tian, the defendant, to death with a 2-year reprieve for accepting bribes. He is deprived of political rights for life, and all personal properties are confiscated. The court found that from 1997 to 2022, Tian exploited his roles in the Party Committee and as vice president of the BANK OF SHANGHAI, deputy secretary of the Party Committee and vice president of the Shanghai Branch of CCB. During this period, he assisted in loan approval, business contracting, job transfers, and unlawfully accepted properties exceeding RMB 210 million.
President Xi Jinping has been intensifying control over China’s $61 trillion financial sector, launching extensive crackdowns on corruption and violations. Earlier this year, he pledged to deepen anti-corruption efforts across various sectors, vowing to show “no mercy.” Despite claiming an initial victory in mid-2022, Xi remains committed to the fight.
Tian, accused of leveraging his positions at firms such as the trust arm of China Cinda Asset Management Co. and Merchants Bank, allegedly amassed significant bribes for loan approvals and project engagements. Authorities claim his actions severely harmed national interests.
Tian led Merchants Bank since May 2013, previously holding roles at institutions like Bank of Shanghai Co. He served as a secretary for former Vice President Wang Qishan during Wang’s tenure as the head of China Construction Bank Corp. in the 1990s.
Other financial executives sentenced to death with reprieve include China Citic Bank Corp. President Sun Deshun and Wang Bin, former chairman of China Life Insurance Co. Lai Xiaomin, former chairman of China Huarong Asset Management Co., was executed in January 2021.