Two Senior Officials from Chinese Central Bank Toppled by Corruption Probe

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Two senior officials form the People’s Bank of China (PBOC) have been placed under investigation over corruption allegations by the Chinese Communist Party’s top disciplinary authority.

He Lin (贺林), formerly the deputy party-secretary and general manager of the China Banknote Printing and Minting Corporation, has been placed under investigation by a team of inspectors in Beijing from the Central Commission for Discipline Inspection (CCDI) inspectors for “severe disciplinary and legal breaches.”

According to authorities He Lin stands accused of “illegally holding public-owned housing, and making use of his professional authority to provide assistance to his spouse in obtaining profits and to illegally hold privately issued shares in affiliate enterprises.”

He also stands accused of using his professional authority to “seek profits and accept huge loans for others,” as well as obtain forged documents for his spouse.

63-year old He Lin is a native of Shanxi province who first joined the Chinese Communist Party (CCP) in 1985, and by the mid-1990’s had risen to a senior position within PBOC.

Wang Yonghong (王永红), formerly the head of PBOC’s technology department, has also been placed under investigation by a CCDI team in Shanxi province.

Wang stands accused of “failure to be loyal to the party, embezzling assets, refusing inspection by authorities, accepting gifts which could influence the fair performance of public duties, and using his position of authority to provide help to others and seek profits…seeking or illegally accepting huge loans.”

55 year-old Wang originally hails from Guangdong province, and was appointed to the position of head of PBOC’s tech department in August 2009.

In February 2016 he became party secretary of PBOC’s settlement centre, before assuming the position of party secretary of the Agricultural Credit Bank Fund Settlement Centre (农信银资金清算中心) in May of the same year.

In September 2020 Wang was appointed to the position of party member and chief supervisor of Huida Asset Custody Co., Ltd., before being dismissed from the position in November 2021.