Former bank official sentenced to 14 years for bribery

Yao Zhongmin, former chairman of the board of supervisors at China Development Bank, was sentenced to 14 years in prison for taking bribes, the Intermediate People's Court in Baoding City, Hebei Province, announced the verdict today.

Yao was fined 3.5 million yuan (US$520,276) and his illegal gains confiscated.

Yao was found to have abused his powers to help companies obtain loans and win contracts from 2000 to 2012. Yao accepted properties and cash worth more than 36.19 million yuan directly or through his brother Yao Zhongquan from 2002 to 2013.

His brother's case will be heard in a separate trial.

Yao pleaded guilty and returned all this illegal gains, so he could get a lenient penalty, the court said.