December 21, 2018 / 6:28 AM / a month ago

China's graft crackdown snares ex-head of Bank of Inner Mongolia

BEIJING, Dec 21 (Reuters) - A Chinese court on Friday sentenced the former chairman of Bank of Inner Mongolia, a private joint-stock lender, to death for corruption with a two-year reprieve, the official Xinhua news agency said, effectively meaning he will be jailed for life.

Yang Chenglin abused his posts as Communist Party boss and chairman of the bank from 2000 to 2013, taking in over 307 million yuan ($44.54 million) in bribes and misappropriating 292 million yuan public funds from the bank, Xinhua said, quoting a verdict from Baotou city intermediate court.

The reprieve was granted because he offered clues to other people’s crimes and had admitted his wrongdoing and expressed regret, the court said.

Yang could not be reached for comment.

Since taking office in 2012, Chinese President Xi Jinping has pledged to wage war on graft, warning the problem is so serious it threatens the party’s survival. The campaign has taken down high-profile politicians and ensnared senior finance officials.

This week, Xi said that the country’s anti-corruption campaign has achieved an overwhelming victory. (Reporting by Stella Qiu and Ryan Woo; Editing by Nick Macfie)

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