Former Head of Bank of China and Cexim Bank Arrested on Corruption Charges

By Costas Paris

Veteran banker Liu Liange the former head of the Bank of China and the Export-Import Bank of China has been arrested on corruption charges, according to the Supreme People's Procuratorate.

The probe is part of Beijing's sweeping crackdown on corruption in the domestic financial system.

Liu served as Bank of China president from 2018 until his resignation earlier this year, after working for 11 years at Cexim, where he oversaw a massive expansion into ship financing, making the bank one of the industry's top lenders.

He is accused of making risky credit deals in ship financing and illegally distributing loans and accepting bribes.

Liu couldn't be reached for comment.

Liu told a shipping conference in 2016 that his policies at Exim Bank had built a loan portfolio of about $25 billion.

In March, the Bank of China said Liu had resigned. Two weeks later, the Communist Party's Central Commission for Discipline Inspection said Liu was under investigation.

Earlier this month, Liu was expelled from the Communist Party.

Write to costas.paris@wsj.com

(END) Dow Jones Newswires

October 17, 2023 09:08 ET (13:08 GMT)

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