Sun. Oct 17th, 2021

Regulation HK

Financial Regulator

China: Ex-Citic Group Executive Gets 18 years Jail for Bribes

1 min read

Zhao Jingwen was sentenced to 18 years in prison and fined CNY 3.2 million for embezzlement and receiving CNY 5.5 million in bribes.

A Chinese court has reportedly sentenced a former executive director and CCP committee member of Citic Group to 18 years in prison for embezzlement and receiving CNY 5.5 million (USD 849,000) in bribes.

Citic Group is a state-owned company with core businesses that extend from financial services to industrial investment and the service industries.

Zhao Jingwen worked for Citic for more than three decades before retiring in 2014. He was put under a corruption investigation in early 2019 by the CDDI (Central Commission for Discipline Inspection).

Caixin reported that the court found that from 2000 to 2014, Zhao and others attempted to take more than CNY 191 million in bribes. Zhao was meant to receive CNY 20.5 million of this amount, but he only ended up receiving CNY 5.5 million.

For the bribes, Zhao reportedly helped people to win projects, contracts, jobs and promotions. He also embezzled CNY 1 million by forging contracts and using fake invoices.

On top of the jail sentence, Zhao was also fined CNY 3.2 million by the court.

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