China Sentences Ex-Chairman of Hengfeng Bank to Death
- Jiang found to have misappropriated $108 million of firm stock
- Hengfeng Bank received about $14 billion bailout package
This article is for subscribers only.
The former chairman of struggling lender Hengfeng Bank Co. has been sentenced to death with a two-year reprieve by a Chinese court for making illegal gains of over $100 million.
Jiang Xiyun was convicted for moving 754 million yuan ($108 million) worth of Hangfeng shares to his personal account between 2008 and 2013, according to the Yantai Intermediate People’s Court. He also took bribes of more than 60 million yuan together with another bank executive, according to the Thursday ruling. A reprieved death sentence may be commuted to a life sentence if the person shows good behavior within the allotted period.