Chapter 16 Misappropriation of "coffers" leads to prison

Among the major cases investigated and dealt with by the Ministry of Supervision in 2003, the case of Liu Jinbao, the former vice chairman of the Bank of China, who "used his power to influence illegal granting of loans, seek personal gain, and was suspected of corruption and bribery" attracted widespread attention.It is reported that in June 2003, the Central Commission for Discipline Inspection and the Ministry of Supervision began to investigate the problem, and in January 2004, the case was transferred to the procuratorate for investigation. Among them, 4 were arrested and 1 was released on bail pending trial.Since then, the Central Commission for Discipline Inspection and the Ministry of Supervision cooperated with the procuratorate to conduct an in-depth investigation of the case.

On May 22, 2003, the weather gradually heated up.For Liu Jinbao, this day is an ominous Thursday.Xiao Gang, the new Bank of China president who succeeded Liu Mingkang on March 21, 2003, called Liu Jinbao, the vice chairman of Bank of China and president of Bank of China Hong Kong two months after taking office, and urgently called him back to Beijing to report on his duties. Liu Jinbao, who was arranged to live in the Zhongyuan Hotel as usual, felt a little uneasy all the time.The Zhongyuan Hotel, located near Xizhimen, is actually equivalent to the senior guest house of the Bank of China, because all senior officials in the bank live here.Recently, he often heard some unfavorable rumors. Thinking of these, his eyelids couldn't help trembling.

When he was thinking wildly in the hotel, several "uninvited guests" came uninvited.In addition to the relevant leaders of the Bank of China, these people also include the leaders and staff of the Central Commission for Discipline Inspection.In this hotel, Liu Jinbao was announced to implement "double regulation".Hearing the word "shuanggui", Liu Jinbao was immediately discouraged, but he still pretended to calm his face calmly, and expressed in front of the leaders of the bank and the Central Commission for Discipline Inspection that he would "seriously assist in the investigation."Since then, "Brother A Bao", who has become an all-powerful figure in China's financial circles, has been taken to a mysterious place and disappeared from the public's sight.

Although Liu Jinbao is only a cadre at the deputy ministerial level, he also holds the important position of the president of Bank of China Hong Kong. In addition to representing Bank of China as the chairman of the Hong Kong Association of Banks, he is also a public interest director of the Hong Kong Stock Exchange and a member of the Exchange Fund Advisory Committee appointed by the Hong Kong government. , the chairman of the Hong Kong Chinese Enterprises Association and a series of local social positions, his every move has attracted the attention of foreign media.The Hong Kong media, in particular, made follow-up reports on him almost every day as if he were a star.After Liu Jinbao went to Beijing to report on his duties on May 22, various speculations from the local media will inevitably affect the volatility of the stock market.

People from all walks of life in Hong Kong failed to see Liu Jinbao return to Hong Kong until 6 days later, on May 28, 2003, Xiao Gang, President of Bank of China and Chairman of Bank of China Hong Kong, visited Hong Kong in person and announced the removal of Liu Jinbao from the post of President of Bank of China Hong Kong.The successors are the vice president of the Bank of China and Guangbei.At the same time, Bank of China Hong Kong held its first general meeting of shareholders after its listing, but Liu Jinbao, one of the contributors to the listing of Bank of China Hong Kong, was unable to attend the general meeting of shareholders, which made people feel very unusual.Xiao Gang reiterated to all walks of life in Hong Kong: "This personnel change is a normal thing, and it is normal for the CEO (chief executive officer) to be transferred here and there. Liu Jinbao has been working in Hong Kong for 6 years, and the transfer back (to Beijing) is necessary for work. Liu Jinbao He will continue to serve as the vice chairman of the Bank of China." Although Xiao Gang said that "Liu Jinbao will continue to serve as the vice chairman of the Bank of China", Liu's highest position was only held for half a year. On February 20, 2004, the central government decided to remove Liu Jinbao from the position of vice chairman of the Bank of China. The Central Commission for Discipline Inspection also completed the "double regulation" measures against him and announced that he would be handed over to the judiciary for further review.

Liu Jinbao was born in Shanghai in September 1952. He has the kindness and shrewdness unique to Shanghai men, as well as his preference for money.Because of his personality, ability, and opportunity, like many of his college friends who graduated in the same year, he gradually rose to the top after a lot of struggle and walked towards the glory of life.This Shanghai "A Baoge", who has been dealing with money for a long time, is nicknamed China's "financial treasure" because of his special status and contribution in China's financial circle. Liu Jinbao is lucky. In 1972, he was recommended to Beijing University of Economics and Business to study and became a "worker, peasant and soldier student".He and his classmate Wang Xuebing had surprisingly similar experiences, as well as brilliant and lost. In August 1976, Liu Jinbao was assigned to work at the head office of the Bank of China together with dozens of workers, peasants and soldiers including Wang Xuebing.In the second year, they were sent to the Bank of China branch in London to study as trainee traders in foreign exchange and gold.Like Wang Xuebing, Liu Jinbao also has strong business ability. He has earned a lot of money for the country through foreign exchange trading. He is an outstanding trader, which has attracted the attention of relevant leaders.The slight difference after that is that one continued to venture out, while the other returned to his hometown of Shanghai to fight the world.

In October 1981, Liu Jinbao was transferred to Bank of China Shanghai Branch as an interpreter at the foreign affairs reception desk; Wang Xuebing, as a key member, was sent to New York, USA to prepare for the establishment of a branch. When Liu Jinbao first returned to Shanghai, he worked as an interpreter at the reception and was also a staff member of the Economic Research Institute.However, the development of the trust industry provided opportunities for Liu Jinbao.At that time, the trust industry had just emerged to issue letters of guarantee for "three to one compensation", and gradually developed businesses such as providing guarantees for attracting capital.Liu Jinbao was involved in the trust from the very beginning. In July 1984, Shanghai Branch of the Bank of China established a separate trust department - Shanghai Trust Consulting Company. Liu Jinbao served as the deputy manager and was later promoted to manager.

1987 and 1988 were the beginning of Liu Jinbao and Wang Xuebing's success. In 1987, Wang Xuebing returned to Beijing from New York, USA, and became the deputy general manager of the treasury department of the Bank of China.And Liu Jinbao is also extraordinary. In December 1988, he became the vice president of the Shanghai branch, and was awarded the title of "Top Ten Outstanding Youths in Shanghai" that year. In 1988, the "Top Ten Outstanding Youths in Shanghai" were ranked according to the number of votes. The famous sportsman Ye Qiaobo ranked first, and Liu Jinbao, then vice president of Shanghai Branch of Bank of China and senior economist, ranked last.

In 1993, Liu Jinbao was promoted to the president of the Shanghai Branch of the Bank of China and became a major figure in Shanghai's official circles and shopping malls.However, Wang Xuebing seems to have better luck than him. In April of this year, Wang Xuebing returned to Beijing to serve as the deputy general manager and executive director of China Everbright Group Corporation, the vice chairman of Everbright Bank, and the general manager of Everbright Finance Company. In December 1993, he returned to Bank of China and served as the president, deputy secretary of the party group, and vice chairman (later secretary of the party group and chairman).

Beginning in December 1993, Liu Jinbao became Wang Xuebing's subordinate without compromise.His fate is closely linked with his classmate and boss. In August 1997, Wang Xuebing transferred Liu Jinbao out of Shanghai and ordered him to work in Hong Kong as the executive deputy director of the Hong Kong and Macau Management Office of the Bank of China (in charge of overall management) and the general manager of the Hong Kong Branch of the Bank of China. In January 1999, Wang Xuebing promoted Liu Jinbao, a classmate, to the vice chairman of the Bank of China and the director of the Hong Kong and Macau Management Office of the Bank of China, making him a senior cadre at the deputy ministerial level.

However, when both Wang Xuebing and Liu Jinbao entered the highest point of their lives, it was followed by declines and falls. In February 2000, Wang Xuebing was re-elected as party secretary and president of China Construction Bank, which was not a good thing.Because not long after he left the Bank of China, his problems were gradually exposed, and the investigation of him had already begun. On January 11, 2002, Wang Xuebing was censored. On December 10, 2003, he was sentenced to 12 years in prison by the first instance.Wang refused to accept the appeal and upheld the original judgment in January 2004. When Wang Xuebing was under investigation but was not sentenced, Liu Jinbao was also "double regulated" by the Central Commission for Discipline Inspection.The two cases are inseparable.Therefore, many media called the Liu Jinbao incident "Wang Xuebing's aftermath". On May 28, 2003, Liu Jinbao was removed from the position of President of Bank of China Hong Kong, and on February 22, 2004, he was removed from the position of Vice Chairman of Bank of China.It seems that Liu Jinbao's political life is completely over just like Wang Xuebing's.I believe that soon, he will follow in Wang Xuebing's footsteps, the difference may be only the length of the sentence. Liu Jinbao has the shrewdness unique to Shanghainese. He is not as ostentatious as Wang Xuebing, who is extravagant and seeking pleasure in public.From the perspective of people in the financial circles in the Mainland and Hong Kong, Liu Jinbao's personality is even somewhat introverted, and he is more cautious in dealing with others.It is said that Liu Pingsu is very concerned about small matters such as his bonus and reimbursement, and he gives the impression that he is not economically well-off amidst his rigor.Shanghai men have always been famous for being "sophisticated" (of course not referring to all Shanghainese), and sometimes they are so "picky" that foreigners "admire" them.As the dignified vice chairman of Bank of China, Liu Jinbao seems to be an outstanding representative of this kind of Shanghai man, so that people think he is the embodiment of incorruptibility and a model of incorruptibility.Until he was "shuanggui" and dismissed, many people did not believe it was true, and many people in the circle were surprised. Regarding Liu Jinbao's economic problems, Bank of China President Xiao Gang revealed to the outside world that he "involved in the misappropriation of 30 million yuan" together with three senior executives of Bank of China Hong Kong.This is not a small sum, which also led to the beginning of the investigation of Liu Jinbao. It is reported that before the "double regulation", Liu Jinbao went out every day to seek help with two documents. One was the Hong Kong Securities Regulatory Commission's approval letter for the acquisition of another listed company China Unicom by Shanghai Real Estate, a Hong Kong listed company controlled by Zhou Zhengyi. It is a letter of approval from the Hong Kong Monetary Authority for Bank of China Hong Kong to provide a bridge loan of nearly HK$2 billion for the acquisition of Shanghai Real Estate.At that time, it was the release of this bridge loan that attracted inquiries from the Hong Kong Independent Commission Against Corruption and pushed Liu Jinbao into the whirlpool. Since Hong Kong's return to the motherland, the cooperation between Hong Kong's Independent Commission Against Corruption and mainland anti-corruption agencies has deepened.Therefore, the actions of Liu Jinbao and others have long been brought into view by the Hong Kong Independent Commission Against Corruption. On April 29, 2003, Hong Kong Independent Commission Against Corruption Commissioner Li Shaoguang led a number of director-level personnel to visit the Hong Kong Chinese Enterprises Association and met with the chairman of the association, Liu Jinbao, and more than a dozen executive directors and board directors.The name of this meeting was to "exchange experience and experience in promoting business integrity", but it was actually an insinuation for Liu Jinbao and others. Unexpectedly, Liu Jinbao is also very good at advocating integrity and anti-corruption in public.He told Li Shaoguang that "the Chinese Enterprises Association will continue to strengthen cooperation with the ICAC", and reiterated that Chinese-funded institutions act in accordance with the law in Hong Kong. If any corruption and criminal activities are found in the enterprise, they will never be tolerated! However, only 20 days after meeting with Hong Kong ICAC Commissioner Li Shaoguang to talk about integrity and anti-corruption, Liu Jinbao was urgently summoned to Beijing to accept "double regulations" and disappeared from public view. When relevant departments were investigating Liu's participation in dividing up the "small treasury", his two old deputies, Zhu Chi and Ding Yansheng, vice presidents of Bank of China Hong Kong, also showed their flaws. In the early morning of August 3, 2004, Bank of China Hong Kong, a subsidiary of the Bank of China, issued an emergency notice, announcing that it had received a notice from the Bank of China that the Chinese judicial authorities were investigating the alleged unauthorized merger of the company’s vice presidents Zhu Chi and Ding Yansheng with the controlling shareholders of the former member banks. investigation into the allocation of certain funds for personal use.The company's board of directors was also notified that the funds were not the property of the company, its affiliates or any of its clients, and were distributed prior to the company's listing in July 2002.Zhu Chi and Ding Yansheng were detained, and their positions have been temporarily replaced by the president He Guangbei, the vice president Lin Yannan, and the operation director Li Yonghong. According to informed sources, Zhu Chi and Ding Yansheng are actually the direct descendants of former president Liu Jinbao who has been dismissed. In October 2001, the Hong Kong Bank of China Group completed its reorganization, and five senior executives, including Liu Jinbao, then director of the Bank of China Hong Kong and Macau Management Office, became the first management team of Bank of China Hong Kong, which will be listed in the future.The other four are Lin Yannan, Ke Wenya, Zhu Chi and Ding Yansheng.Earlier, because of the Zhou Zhengyi incident, Liu Jinbao and Ke Wenya were dismissed one after another.Currently, only Lin Yannan is left in the 5-person management team.In the initial personnel arrangement, Lin Yannan was ranked ahead of Zhu Chi and Ding Yansheng, but under Liu Jinbao's arrangement, Lin Yannan was ranked behind Zhu and Ding.Currently, Lin Yannan is the third vice president of Bank of China Hong Kong, in charge of retail banking business. Bank of China Hong Kong was notified by the parent company around noon on August 2.Subsequently, Bank of China Hong Kong held an emergency meeting of the board of directors to discuss contingency strategies.At around 2:00 p.m., Zhu Chi and Ding Yansheng were notified to the meeting place, and the board of directors announced that they would be suspended from their posts immediately for investigation.Prior to this, both Zhu Chi and Ding Yansheng went to work normally.Zhu Chi's last public appearance was on July 15 in Hong Kong at the "Bank of China Corporate Online Banking" service ceremony.Before being dismissed, Zhu Chi and Ding Yansheng were the second and third leaders of Bank of China Hong Kong respectively, and they were truly powerful figures. After Bank of China Hong Kong announced on August 3, 2004 that Zhu Chi and Ding Yansheng had been suspended for allegedly misappropriating funds for personal use, on August 5, Bank of China spokesman Wang Zhaowen confirmed that Zhang Debao, the former general manager of the Chief Executive Office of Bank of China Hong Kong, was arrested in 2004. In April 2009, he was transferred back to Beijing to work at the Bank of China and was subject to investigation by the mainland judicial authorities.Zhang Debao was Liu Jinbao's "manager" at the time - the former general manager of the president's office. He was also involved in this collective corruption case for the same reason and was under investigation by the mainland judicial authorities. In October 2001, when Bank of China Hong Kong, which was reorganized from ten banks out of the twelve banks of the former Bank of China Group Hong Kong, was formally established, Liu Jinbao became the president, and Zhang Debao was the general manager of the president's office. He was the person closest to Liu Jinbao . In the early morning of August 6, Bank of China Hong Kong issued another announcement.This notice confirmed that the former president Liu Jinbao is also being investigated by the mainland judicial authorities. The reason is the same as Zhu and Ding. It is also "suspected of distributing certain funds owned by the controlling shareholders of the former member banks without authorization for personal use." "The relevant matter was discovered when Liu Jinbao was transferred back to the Bank of China for investigation in May 2003." It is said that what Liu Jinbao, Zhu Chi and Ding Yansheng are suspected of misappropriating may be funds that were not recorded in the accounts of the ten member banks involved in the reorganization.Before the reorganization, the 820 billion assets of Bank of China in Hong Kong were managed and operated by Hong Kong Bank of China Group, which is composed of 12 banking institutions including Bank of China Hong Kong Branch, Guangdong Provincial Bank Hong Kong Branch and several professional companies.There are some funds under the names of these branches that can be used by themselves, but they are not kept.These funds are similar to the "small treasury" in China, but in Hong Kong they are called "welfare funds", "welfare associations", "recreation committees" and so on.Including employee endowment insurance funds, pensions, etc. retained by branches before the establishment of a unified national social security system, and non-operating income from stock trading and other non-operating income, the amount ranging from several million to tens of millions.During the period of participating in and guiding the handling of these funds, both Zhu and Ding had the convenience of their positions. It has been confirmed by the Central Commission for Discipline Inspection that the funds involved are 30 million yuan.At that time, Liu Jinbao told Zhu Chi, Ding Yansheng, Zhang Debao and others that it is better to divide the money privately and use it as a bonus to reward everyone for their hard work in restructuring and listing.The high-level seniority is divided into seniority and money, ranging from millions of yuan to hundreds of thousands of yuan. In addition to the direct line in Hong Kong, Liu Jinbao's "direct line troops" in Shanghai have already fallen as early as a year ago. On July 2, 2003, Xiao Gang, the president of the Bank of China, flew to Shanghai from Beijing on a special trip, and announced at the office meeting of the director of the Shanghai Branch of the Bank of China that Zhou Lu, Liu Jinbao's successor, would be removed from the post of president of the Shanghai Branch of the Bank of China; Wang Zheng, vice president of the Bank of China's Shanghai branch, was also dismissed around the same time and asked to assist in the investigation.It is reported that Wang Zheng was "shuanggui" and arrested as early as July 2003, and the other four involved in the case, Yan Tingfu, Gu Jidong, Xue Zhangneng, and Zhang Renmo, also had contacts with them in July 2003 and shortly after the Spring Festival in 2004. The same "ending" as Wang Zheng. According to reports, since June 2003, eight central ministries and commissions including the Ministry of Public Security, the Ministry of Finance, and the Central Commission for Discipline Inspection have discovered in a more than one-year investigation that the economic problems of the six people including Liu Jinbao and Wang Zheng mainly include: suspected corruption and bribery, private Set up a small treasury, and in 1997, Liu Jinbao made a surprise payment before he left the Shanghai Branch of the Bank of China. (Text/Gao Fu) On August 12, 2005, Liu Jinbao, former vice chairman of Bank of China and president of Bank of China (Hong Kong) Co., Ltd., was involved in corruption and bribery, and the source of huge property was unknown. Zhu Chi, Ding Yansheng, former vice president of Bank of China (Hong Kong) Co., Ltd. In the corruption case of Zhang Debao, general manager of the President Office of Bank (Hong Kong) Co., Ltd., the Intermediate People's Court of Changchun City, Jilin Province made a first-instance verdict on the 12th, and sentenced Liu Jinbao to death for corruption, with a two-year reprieve, deprived of political rights for life, and sentenced to death. All personal property was confiscated; he was sentenced to 12 years in prison for accepting bribes, and his personal property was confiscated RMB 500,000; Political rights for life, and confiscation of all personal property.