China's Communist Party expels ex-chairman of China Development Bank

A former chairman of the China Development Bank, Hu Huaibang, has been expelled from the country's ruling Communist Party for serious violations of discipline, the party's graft watchdog said on Saturday. An investigation found that Hu had "lost his ideals and convictions" and had committed violations such as using his post to illegally benefit others, abusing his power, and allowing his family members to "complain about property", said the statement by the Central Commission for Discipline Inspection (CCDI).

The CCDI also said it would seize his illegal income and transfer his case to the judicial bodies. Reuters was unable to reach Hu for comment. The graft watchdog in July announced that Hu was being investigated for suspected serious violations of discipline, though at the time it did not give any details of the breaches.

President Xi Jinping has overseen a sweeping anti-corruption drive that has ensnared numerous top officials since he took office in 2012. Hu joined the China Development Bank in 2013 and was also the top official of the ruling Communist Party unit at the policy bank. He stepped down in September 2018.

The following month, his name emerged during the high-profile graft trial of a party official, Wang Sanyun, who had been the party chief of Gansu province from 2011 to 2017. In that case, prosecutors said that Hu in his previous role as chairman of Bank of Communications had channelled bribes to Wang on behalf of Ye Jianming, the former chairman of the once high-flying conglomerate CEFC China Energy, China's official CCTV reported in 2018.

China Development Bank, which disburse funds to support the government's economic strategies, is the largest country's policy banks. ($1 = 6.9178 Chinese yuan renminbi)