On May 18, Wang Xuefeng, former Party Secretary and President of the Shanxi Branch of the China Development Bank (CDB), went on trial.
Wang Xuefeng is accused of using his position as deputy director of CDB’s Enterprise Bureau and president of CDB’s Shanxi Branch to provide assistance to relevant units and individuals in trust loan business, loan approval and issuance, office building sale, and project contracting, and receiving a total of RMB 23.43 million from units and individuals between 2008 and 2019, and was held criminally responsible for accepting bribes.
Wang Xuefeng pleaded guilty, and the case will be sentenced at a later date.
Since July 2020, a number of heavyweight officials of China Development Bank have been arrested one after another, including Zhang Maolong, former director of operation of China Development Bank (retired for more than 8 years when investigated), Yang Degao, vice president of Hubei Branch of China Development Bank (retired for 3 years when investigated), and Zhang Linwu, senior expert of the Second Bureau of Evaluation.
According to public information, Zhang Maolong served as the director of the General Office (Party Committee Office) of CDB from September 2000 to March 2005, which was also the first secretary of the then CDB Chairman Chen Yuan, and Zhang Linwu served as the director of the General Office (Party Committee Office) of CDB from March 2012 to December 2014, which was also the first butler of the then CDB Chairman Chen Yuan.
Chen Yuan, the son of CCP patriarch Chen Yun and a member of the second generation of the CCP’s Red Generation, was the chairman and party secretary of CDB from 2008, when the bank was restructured, until April 2013, when he took control of CDB for 15 years.
Radio Free Asia reports that all of the people involved in the case that led to “China Development Bank becoming a major financial crime area” were, in fact, former members of Chen Yuan’s China Development Bank, as well as “founding bank elders” who worked with Chen Yuan. Current political commentator Li Linyi has analyzed that Xi Jinping did not want to arrest Chen Yuan, but arrested a number of his subordinates, in order to warn the red generation.
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