The former head of a regional bank rescued by Chinese authorities this year is set to spend the rest of his life behind bars after a court convicted him of corruption and other crimes on Thursday.
Jiang Xiyun, former chairman of Hengfeng Bank, was sentenced to death with a two-year reprieve — a punishment usually commuted to life in prison after the reprieve — by a court in eastern Shandong province, where the troubled financial institution is based.
Jiang, who had been accused of embezzling about $110m, was also convicted of illegal destruction of financial documents, according to the Yantai Intermediate People’s Court.
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