Former Bank of China chairman Liu Liange on Tuesday received a suspended death sentence for bribery and illegal loan issuance, state media reported, according to Reuters.

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He was sentenced to death with a two-year reprieve by a court in China's Shandong province. The sentence, per reports, will be executed if he commits further crimes during the period. He would have a life sentence if reprieved.

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China's anti-graft watchdog has intensified its crackdown on the financial sector, targeting high-profile figures such as Liu Liange, former chairman of the Bank of China, and Fan Yifei, a former deputy central bank governor sentenced to death in October for accepting bribes, with a two-year reprieve.

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According to state broadcaster CCTV, Liu was found guilty of abusing his position to secure promotions for others and accepting bribes totaling more than 121 million yuan ($17 million). While the court acknowledged Liu’s confession and the recovery of most of the illicit funds, it opted to delay the enforcement of the death penalty.

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During his tenure at China Export-Import Bank and the Bank of China, Liu unlawfully approved loans exceeding 3.32 billion yuan, resulting in losses of over 190 million yuan, CCTV reported.

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Liu, born in 1961, had a decades-long career in banking and finance, holding roles at the People's Bank of China and the Export-Import Bank of China before being promoted to chairman of the Bank of China in 2019.

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In October 2023, the Chinese Communist Party expelled Liu, accusing him of illegal activities and corruption.

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