Former bank executive expelled from Party
Mu Shi, former vice president of Shanghai Pudong Development Bank, has been expelled from the Party, the CPC Shanghai Commission for Discipline Inspection announced on Monday.
Mu, 60, fabricated bank documents to evade an investigation, taking advantage of his position to seek benefits for others by accepting huge amounts of money that he hid in offshore accounts. He also disrupted the financial market and poured money into equities of companies doing business with the bank.
All illegal gains will be confiscated, and an investigation is underway by the procuratorate, officials said.
A native of Beijing, Mu worked for the bank since 2000 and resigned in 2017.