Top Mainland Banker Under Probe For Bribery

The mainland's anti-corruption watchdog said on Wednesday it is investigating a former chairman of its top policy bank, the latest official to be ensnared in President Xi Jinping's sweeping campaign against graft.

Hu Huaibang worked his way up the mainland's financial sector, moving between regulatory positions and state-owned companies before landing the top job at the Bank of Communications.

In 2013 he became chairman of China Development Bank and held the position until September of last year.

CDB is one of three banks tasked with funding Beijing's pet projects and supporting Chinese companies abroad and has provided massive financing for Xi's signature Belt and Road global infrastructure project.

The bank had US$2.3 trillion in total assets at the end of 2018 making it one of the largest lenders in the world, according to its annual report.

It is Hu's connection with fallen oil tycoon Ye Jianming, chairman of CEFC China Energy, that appears to have landed him in trouble.

Former Hong Kong minister Patrick Ho is currently in a US prison over his role in a bribery case linked to CEFC.

Last year Ye disappeared and is now believed to be held by mainland authorities for unspecified charges while authorities have begun to sell off parts of the firm.

In Hu's roles at the Bank of Communications and the CDB, he allegedly helped CEFC secure billions in credit lines for its overseas deals.

Hu's alleged involvement in the deals came out in the trial of the fallen party boss of northwest Gansu province who arranged the state support, according to documents and graphics shown by state broadcaster CCTV.

The anti-graft agency said on Wednesday that Hu was suspected of "serious violations of discipline and law", a euphemism that usually means corruption, and was under investigation. (AFP)