On October 16, 2023, Liu Liange, the former Chairman of the Bank of China, was arrested by the Supreme People’s Procuratorate on charges of suspected bribery and providing illegal loans. He had previously been expelled from the ruling Chinese Communist Party following accusations of wrongdoing by the country’s anti-corruption watchdog. These accusations include illegally granting loans, smuggling banned publications, and accepting bribes and other perks.

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Several high-profile financial executives from state-owned banks have already faced fines, jail sentences, or investigations. For instance, the former Chairman of China Life Insurance, Wang Bin, was sentenced to life in prison without parole for bribery.

Liu’s career included holding senior positions in China’s central bank and the Export-Import Bank of China, and he served as Chairman of the Bank of China from 2019 to 2023.