The former China Development Bank (CDB) president, Hu Huaibang, pleaded guilty today (Friday) on charges of corruption, during the start of his trial in a court in the northern city of Chengde, state press reported.
Chinese courts accused Hu of taking advantage of his position, between 2013 and 2018, to obtain loans with beneficial conditions for third parties, guarantee promotions and acquire positions as a shareholder in commercial banks.
According to the indictment, the banker accepted more than RMB85.5 million (US$12.2 million) in cash and gifts in exchange for favours.
Hu said he was sorry after pleading guilty, according to the official Xinhua news agency.
The BDC is directly controlled by the State Council, the Chinese Executive, and provides loans under its direction, playing a key role in financing infrastructure at the national level, but also in international strategic investments, including in Angola or Brazil.
The bank also manages the US $ 1 billion China-Portuguese-speaking Countries Co-operation and Development Fund, created by China within the scope of the Forum for Economic and Trade Co-operation between China and Portuguese-speaking Countries (Forum Macao).