Former People's Bank of China Vice Governor being prosecuted

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Former People's Bank of China Vice Governor being prosecuted

The former Vice Governor of the People's Bank of China, Fan Yifei, is being prosecuted by the Huanggang People's Procuratorate in Hubei province, the Supreme People's Procuratorate said on Wednesday.

The National Commission of Supervision has completed its investigation into Fan and handed over the case to the SPP, which approved Fan's arrest in June and designated the Huanggang Procuratorate for case review and prosecution.

The procuratorate informed Fan of his legal rights during the review and prosecution stages, interrogated him and listened to his defense counsel's opinions, the statement said.

Prosecutors have charged Fan with accepting bribes. He allegedly profited from a range of positions he has held throughout his career, such as deputy director of the fund planning department, general manager of the finance and accounting department, and vice-president of the present-day China Construction Bank; the chairman of the Bank of Shanghai; and vice-governor of the People's Bank of China.

He helped companies and individuals receive loan financing, business contracts and work transfers, the SPP said. He accepted a large amount of property from those he helped in return.

Fan, 59, is a native of Jiangsu province. Having earned a PhD degree in finance from Renmin University of China, he has worked in the banking and finance sectors for many years. In February 2015, he began serving as a vice-governor of the People's Bank of China.

He was placed under disciplinary review and supervisory investigation by the Communist Party of China in November 2022 - the first major official investigated after October's 20th National Congress of the Communist Party of China - and removed a month later as vice-governor.

In June this year, the CPC Central Commission for Discipline Inspection and the National Commission of Supervision, China's top anti-graft watchdogs, announced Fan's expulsion from the Party and his removal from all public positions.