Former chairman of China Development Bank stands trial for graft

Hu Huaibang, ex-chairman of the China Development Bank, stood trial at the Chengde Intermediate People's Court on Thursday on charges of taking bribes.

Hu, also former secretary of the CDB committee of the Communist Party of China, is accused of taking advantage of his various posts or the convenience associated with his status to seek benefits for others in obtaining bank credit, setting up businesses, taking stakes in commercial banks and personnel promotion between 2009 and 2019.

In return, he accepted money and gifts worth more than 85.52 million yuan (US$12.23 million), according to the indictment.

During the trial, prosecutors presented evidence, which the defendant and his lawyers examined in turn. Both sides gave their own full accounts of events.

In his final statement, Hu pled guilty and expressed remorse.

The trial was open to the public and was attended by legislators, political advisors, the press and members of the public.

The sentence will be announced at a later date.