August 5, 2017 / 6:24 AM / in 3 months

Former senior China Development Bank official jailed for 14 years for graft

SHANGHAI (Reuters) - China’s anti-graft watchdog said on Saturday the former head of the supervisory board at China Development Bank, the country’s largest policy lender, has been jailed for 14 years and fined 3.5 million yuan ($520,276) for receiving bribes.

The Central Commission for Discipline Inspection (CCDI) said in a statement on its website that Yao Zhongmin accepted bribes amounting to 36.2 million yuan directly or indirectly through his brother between 2002 and 2013.

He accepted the money in exchange for help with loans and other contract work, it said.

The court handed down a lighter sentence because Yao assisted with the investigation by admitting guilt and disclosing the whereabouts of the proceeds of his crime, the CCDI said.

The watchdog announced in June 2016 that Yao was under investigation. [nL4N18Y2CJ]

Chinese President Xi Jinping has waged a widespread campaign against corruption, targeting sectors from the military to finance.

($1 = 6.7272 Chinese yuan renminbi)

Reporting by Ben Blanchard; Writing by Engen Tham; Editing by Paul Tait

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