Haidong City Intermediate People’s Court has made a first instance verdict on Feb. 17 on the case of Wang Li, former chairman of Qinghai bank. She was sentenced to 18 years in prison and a fine of $170.000 for embezzlement, bribery, misusing public funds, and abuse of power.
When serving as the Party Committee Secretary and Chairman of Qinghai Bank, she is accused of directing others to use falsified invoices to obtain state-owned funds. She allegedly took about $24,500 for her own use.
Wang Li embezzled $3.16 million in public funds to help others register a company when she was the chairman of Xining City Commercial Bank. She also helped others register companies, obtain funds, undertake businesses, and repeatedly accepted bribes worth around $917,000.
In addition, she abused her position by approving loans in violation of regulations, resulting in losses of $47 million in principal and $32.6 million in the interest of state property. Wang Li also failed to explain the source of more than $2.6 million in assets.
China’s Central Commission for Discipline Inspection also revealed on Jan. 9 details of Wang Li’s corruption under the title “The ‘Luxury’ Life of Wang Li, Former Chairman of Qinghai Bank.'”
According to the report, Wang Li had a private residence, specifically to hide ill-gotten money and goods. Additionally, a drawer full of Hermes scarves with price tags ranging from $470 to $630 and more than 40 famous designer bags with the highest value, about $63,000, was found at her home in Qinghai.
Wang Li, 60 years old, has worked in the Qinghai financial system for a long time. She was also the director of the Xining foreign exchange management office. From April 2009 to July 2018, she served as the secretary of the party committee, chairman, and president of Qinghai Bank. Afterward, she has been a member of the party union, inspector, and deputy director of the Qinghai Financial Affairs Office.
Wang Li was investigated on Sept. 4, 2019, and expelled from the party and public office in February 2020.
The official report stated that Wang Li had collected money, received gifts, and illegally distributed allowances and subsidies.