BEIJING, March 20 (Xinhua) -- Sun Deshun, former president of China CITIC Bank, has been expelled from the Communist Party of China (CPC) over serious violations of Party discipline and laws, the top anti-graft body announced Friday.
The CPC Central Commission for Discipline Inspection and the National Supervisory Commission said in a statement that Sun lost his ideals and convictions and seriously violated the decisions and plans of the CPC Central Committee in promoting the financial sector to serve the real economy.
An investigation found that Sun restricted and lowered the loans to the manufacturing sector, traded his power of loan approval for his own profit and sought benefits for others in terms of staff recruitment.
Sun also violated relevant rules by starting businesses and sought a large number of benefits for himself, his relatives and friends, according to the investigation.
Sun severely violated the Party's disciplinary standards, the statement said, adding that it is a typical graft case in the financial sector considering his serious violations and the large amount of money involved.
It also said Sun is suspected of crimes of bribe-taking, noting that his illicit gains wi be confiscated and suspected crimes will be transferred to the procuratorate for further investigation and prosecution.
