Wednesday, April 21, 2021

Former head of ICBC Shanghai branch indicted on bribery charges

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The former head of Industrial and Commercial Bank’s (ICBC) Shanghai office has been indicted on charges of taking bribes of 136 million yuan (US$19.4 million), said the city’s procuratorate during a hearing on Tuesday.

Gu Guoming, 53, was accused of taking advantage of his position to help relevant companies and individuals with financing, lending and project contracting and receiving money from those people between 2005 and 2018, according to the No.1 Branch of the Shanghai People’s Procuratorate.

Prosecutors presented evidence that Gu had taken 5.86 million yuan in bribes. He confessed to receiving the rest of the money from others, authorities said.

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Gu was investigated by the country’s Central Commission for Discipline Inspection in June last year and was detained for criminal offences by the Shanghai Public Security Bureau in November. He was approved for arrest in December.

During investigations, Gu confessed not only to receive the 5.86 million yuan in bribes found by the police but also another 131 million yuan that had yet to be discovered.

Gu pleaded guilty during the court hearing and his attorney pleaded for a lenient punishment because of his confession.

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