Former ICBC bank boss jailed for life for taking bribes
The former chairman of Shanghai branch of the Industrial and Commercial Bank of China (ICBC), Gu Guoming, was jailed for life for bribe-taking on Thursday by Shanghai No. 1 Intermediate People's Court.
He has also been deprived of his political rights for life, and had all personal property confiscated.
Gu was convicted of taking 136 million yuan (US$20.10 million) in bribes. All the money has been recovered and handed over to the National Treasury.
The court found that between 2005 and 2019, Gu took advantage of his position, as vice president, president and Party Secretary of ICBC Shanghai Branch, to provide illegitimate assistance to individuals or companies to finance loans and projects and undertake projects.
The court said the amount of bribes that Gu took was extremely huge and he should be sentenced to jail for the rest of life, or even death, and have his property confiscated.
However, since Gu had confessed to all his crimes and returned his illicit gains, he got a lenient punishment, the court said.