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China Development Bank former chairman jailed for life

Hu Huaibang becomes 2nd high-profile financial executive sentenced in a week

Hu Huaibang at the Asian Financial Forum in Hong Kong in 2018. Hu was convicted of receiving bribes totaling $13.24 million between 2009 and 2019.

BEIJING (Reuters) -- China Development Bank's former chairman Hu Huaibang has been sentenced to life in prison for bribery, a Chinese court said on Thursday, marking the second high-profile financial executive sentenced in a week.

Hu, who was arrested last February, was convicted of receiving bribes totaling 85.52 million yuan ($13.24 million) between 2009 and 2019, the Chengde Intermediate People's Court of Hebei Province said in a statement on its official WeChat account.

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