China cracks down on financial corruption with harsh penalties

China's top judicial authorities highlighted six high-profile cases of duty-related crimes in the financial sector on Friday, underscoring their commitment to safeguarding the financial system and combating corruption within the industry.

In a bid to set an example, the Supreme People's Court and the Supreme People's Procuratorate emphasized the importance of severely punishing corrupt individuals in the financial sector, calling on judicial bodies nationwide to intensify efforts to tackle emerging forms of financial corruption.

Among the cases revealed, an individual identified by the surname Liu was sentenced to death with a two-year reprieve after being found guilty of accepting bribes totaling over 180 million yuan ($25.44 million) and causing substantial financial losses due to unrecoverable loans.

The same penalty was handed down to another individual, surnamed Wu, who was convicted of accepting bribes exceeding 275 million yuan and embezzling more than 508 million yuan in public funds.

In China, a suspended death sentence typically leads to life imprisonment if inmates show good behavior in prison, with the possibility of sentence reductions and parole.

However, Liu and Wu will remain incarcerated for life without parole or commutation, a decision that 'demonstrates the judicial authorities' firm stance on harshly punishing duty-related crimes in the financial sector,' according to the SPC.

Additionally, the judicial authorities noted the increasing focus on prosecutors and judges nationwide on cracking down on new forms of bribery, while also enhancing efforts to uncover hidden corruption in both official and business circles.