Many Chinese bank executives continue to fall from their positions as they are investigated for corruption.
Early this week, Chen Dalin, chairman of Hubei Bank Corporation, was sacked. He was also a former secretary of the Chinese Communist Party unit at the bank.
The Paper citing the Hubei Provincial Commission for Discipline Inspection and Supervision, said on May 30 that Chen Dalin was suspected of serious violations of discipline and law. He is currently undergoing disciplinary review and supervision investigation.
On February 27, 2011, Hubei Bank was established by merging five urban commercial banks of Yichang, Xiangyang, Jingzhou, Huangshi, and Xiaogan. Chen Dalin served as the first chairman of the Wuhan bank, the capital city of Hubei Province.
According to Hubei Bank’s 2011 annual report, Chen Dalin was born in 1956. He has been the chairman of Hubei Bank since February 2011.
Chen Dalin is the bank’s second executive to have been sacked within two years.
Before Chen, Wen Yaoqing—former vice chairman of Hubei Bank—was investigated on November 10, 2020.
Wen Yaoqing also joined Hubei Bank almost at the beginning of its establishment and worked there for nearly eight and a half years.
Wen Yaoqing was accused of conspiring to block confessions, fabricating evidence, transferring and concealing stolen money, resisting censorship, accepting gifts, and engaging in profit-making activities in violation of regulations.
Also, this week, Dai Hedi, former chairwoman of Huishang Bank, was sentenced to 12 years in prison. The 70-years-old executive was accused of taking over 10 million yuan in bribes, about 1.5 million dollars.
Dai Hedi, who served as the first president of Huishang Bank, was also accused of taking advantage of her position to promote others in her circle and borrow and lend money for others to make profits.
In November 2021, Dai Hedi was put on file for review and investigation, though she had retired.
Since the beginning of this year, many executives in China’s financial system have fallen from their posts.
In Liaoning alone, 63 top leaders of small and medium-sized banks in the province have been investigated since last year.