Ex-bank president pleads guilty to bribery

Tian Huiyu, former president of China Merchants Bank, pleaded guilty to accepting more than 210 million yuan ($28.8 million) in bribes on Thursday while on trial in Changde, Hunan province.

Tian was also charged with abusing power and illegally participating in securities trading activities, according to a statement posted by the Changde Intermediate People's Court in Hunan.

Changde prosecutors said during the trial that from 1997 to 2022, Tian took advantage of various positions in the country's banking systems to provide aid for others in loan approval, business contracting and work adjustment, and then accepted bribes in return.

The amount of the bribes exceeded 210 million yuan, prosecutors added.

When Tian served as president of China Merchants Bank, he also abused his power to interfere in decisions and formal operation of the bank and its branches, causing huge economic losses for the country, according to prosecutors.

As someone engaged in the banking system, he was found to have used his positions to trade with undisclosed information and leak inside securities information, prosecutors said, adding that the situation was extremely serious.

Considering Tian's behaviors, prosecutors said he should be held criminally liable for the crimes of bribery, abuse of power as well as trading with undisclosed information, insider trading and leaking inside messages.

The verdict will be announced at a later date.

Tian was placed under disciplinary and supervisory investigation in April last year.

Six months later, China's Supreme People's Procuratorate ordered the arrest of Tian for suspected bribe-taking, abuse of power and trading on undisclosed information.