Former China Central Bank deputy, recessed capital punishment for embezzlement.
Chinese media announced on Thursday that Fan Yifei, the former vice president of China’s central bank, has been given a capital offence with two years suspension for money laundering.
Fan was found guilty of illegally accepting property worth more than 386 million yuan, around Ksh.7 billion, for taking advantage of his senior positions at the central bank and other financial institutions, including China Construction Bank, according to the report, citing a Chinese court.
Following the two-year reprieve, Fan’s death sentence will be commuted to life imprisonment, with no possibility of commutation or parole, state media cited Huanggang Intermediate People’s Court in Hubei province as saying.
According to the court, “Fan Yifei made a lot of money, and the circumstances around his crimes are very serious. The consequences greatly affected the society and he caused great losses to the government and the people.”
60 year old Fan, the top official of the People’s Bank of China will be arrested during President Xi Jinping campaign over the past decade’s involvement in the scheme aimed at eliminating corrupt officials in the financial sector clean up exercise..
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