Former Deputy Head of China Development Bank Caught in Graft Net

(Beijing) — A former vice president of China Development Bank (CDB), one of the big three policy lenders, has been arrested on allegations of bribery and illicit sex amid an ongoing investigation, Beijing Business Today reported Monday, citing a source from the top prosecutor's office.

Yao Zhongmin, 64, served as the deputy party secretary of the bank from 2008 to 2013 and was also the chairman of the CDB's board of supervisors.

He was expelled from the Communist Party in September over "gross violations of austerity rules," a euphemism for corruption, according to the Central Commission for Discipline Inspection (CCDI), the party's anti-graft watchdog.

Yao had accepted cash, gifts and sexual services to help associates win promotions and lucrative contracts for state-funded projects, the CCDI said in a statement last month.

However, neither the CCDI and the Supreme People's Procuratorate, the nation's top prosecution agency, has released details about the extent of bribes Yao allegedly accepted or when charges will be filed against him.

Contact reporter Li Rongde (rongdeli@caixin.com); editor Poornima Weerasekara (poornima@caixin.com)