Former vice-governor of PBOC being prosecuted for allegedly taking bribes

The former vice-governor of the People's Bank of China Fan Yifei, who has been accused of taking bribes, is being prosecuted by the Huanggang People's Procuratorate, Hubei province, said a statement issued by the Supreme People's Procuratorate on Wednesday.

It said the National Supervisory Commission recently concluded its investigation of Fan and handed the case over to the SPP, which approved Fan's arrest in June and designated the Huanggang procuratorate for case review and prosecution.

The procuratorate informed Fan of his litigation rights during the review and prosecution phases, interrogated him and listened to the opinions of his defense counsel, the statement said.

Prosecutors have charged Fan with accepting bribes. He allegedly profited by taking advantage of different positions he has held throughout his career, during which he has served as deputy director of the fund planning department, general manager of the finance and accounting department, and vice-president of China Construction Bank; vice-president of China Investment Corporation; chairman of the Bank of Shanghai; and vice-governor of the People's Bank of China.

He helped companies and individuals receive loan financing, business contracts and work transfers, the SPP said. In return, he accepted a particularly large amount of property from those he helped.

Fan, 59, is a native of Jiangsu province. He has worked in the banking and finance sectors for many years and began serving as vice-governor of the People's Bank of China in February 2015.

He was placed under disciplinary review and supervisory investigation in November 2022 and was removed as vice-governor one month later.

In June this year, the Communist Party of China Central Commission for Discipline Inspection and the National Supervisory Commission, China's top anti-graft watchdogs, announced Fan's expulsion from the Party and his removal from all public posts.