The Chinese Communist Party today (March 30) reported that Mu Yai, a former member of the party committee and deputy governor of Shanghai Pudong Development Bank (PDB), was indicted on charges of accepting bribes and concealing foreign deposits. Two months ago, when Mu Yai was expelled from the Communist Party, the official notification said that his Family style was improper, the husband and wife shared corruption and lived a corrupt Life, etc.
The official WeChat of the Second Branch of the Shanghai Procuratorate released the news of Mu Yai’s indictment today.
The procuratorate accused Mu Yai between 2004 and 2016, using the convenience of his position as secretary of the party group, party secretary and president of the Tianjin branch of Pudong Development Bank, a member of the party committee and vice president of Pudong Development Bank, and the convenient conditions formed by his authority and position, alone or in collaboration with others, to provide assistance to relevant units and personnel in carrying out capital channel business, applying for bank loans, adjusting personal positions, etc., illegally Receiving other people’s property, the amount is particularly huge; from 2011 to 2017, Mu Yai, as a public official, during the period when he had the obligation to declare, concealed his deposits abroad, the amount is large, should be held criminally responsible for the crime of bribery, concealing deposits abroad.
Mu Yai was officially announced to be under investigation in November 2020 and was expelled from the CPC on February 1 this year. At that Time, the official notification said that Mu Yai used financial resources as a tool for family profit, exploited policy loopholes, undermined the order of the financial market, conspired with others and falsified evidence, had improper family style, shared corruption between husband and wife, lived a corrupt life, and concealed overseas deposits in large amounts.
The land media revealed that Mu Yazhi’s wife, Du Na Wei, former deputy secretary of the Communist Party Committee and deputy general manager of Shanghai Trust, was investigated together with Mu Yazhi. Hua Shuo Investment, a private equity firm that Du Na Wei actually controls, and Pufa Bank, where Mu Yayi worked, were involved in a project with Huaxia Life, an insurance company in the “Tomorrow System”.
In June 2009, Mu Yai became vice president of Pudong Development Bank; in March 2015, he also became secretary of the board of directors of Pudong Development Bank; seven months later, he resigned as vice president and became secretary of the board of directors of the bank. Group as Vice President.
Just seven months after he left Pudong Development, in January 2018, the Communist Party of China’s Banking and Insurance Regulatory Commission shocked the industry by issuing an astronomical fine of 462 million yuan to Pudong Development Bank’s Chengdu branch for irregular loan issuance. Mu Yai, as the then vice president of Pudong Development Bank, was allegedly responsible for this and was given a warning and fined 300,000 yuan.
Mu Yai was in the spotlight for his high salary during his tenure as vice president of Pudong Development. Pufa Bank’s 2016 annual report showed that Mu Yai received pre-tax compensation of 3.777 million yuan (RMB, same below) from the company during the reporting period, making him the highest paid executive at the bank. Then Chairman Ji Xiaohui and President Liu Xinyi both received an annual salary of RMB 809,600.
In recent years, a large number of officials in the financial system have fallen one after another. According to incomplete statistics, more than 50 banking system executives have been investigated since 2020.
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