ALBAWABA - A former high-ranking banker in China, Tian Huiyu, has been sentenced to a suspended death penalty by a court in Changde, Hunan province.
Tian, who previously served as the president of China Merchants Bank and was a close aide to the country's former economic minister, has been found guilty of corruption charges including bribery and insider trading.
According to the court's ruling, Tian will face the death penalty with a two-year reprieve, meaning if he stays out of trouble during this time, his sentence could be reduced to life imprisonment. He was convicted of abusing his position in state-owned institutions, using undisclosed information for stock trading, and leaking insider information to benefit financially.
The court stated that Tian used his access to privileged information to make illegal gains of over 290 million yuan ($41 million) from the stock market. He was also found guilty of accepting bribes totaling more than 210 million yuan ($30 million) in exchange for providing favors to individuals and organizations.
Tian's case is part of a broader crackdown on corruption initiated by Chinese leader Xi Jinping, aimed at cleansing the financial system of illicit activities and ensuring transparency and accountability in governance.
