Former vice president of China Development Bank expelled from CPC

BEIJING, Jan. 5 (Xinhua) -- Wang Yongsheng, a former vice president of China Development Bank, has been expelled from the Communist Party of China (CPC) over serious violations of Party discipline and laws, the top anti-graft body announced Friday.

The decision came following an investigation by the CPC Central Commission for Discipline Inspection and the National Commission of Supervision upon the approval of the CPC Central Committee.

The investigation found that Wang, also a former member of the bank's Party committee, had received gifts and money in violation of regulations, and attended banquets, tours and golf activities offered by private business owners.

Wang had meddled with the employee recruitment work of financial institutions, illegally owned shares of unlisted companies, and engaged in the trade of power for money.

In addition, he had also accepted the transfer of interests through investment and other hidden means, took advantage of his position to benefit others in loan financing, bond purchases and other areas, and illegally accepted a huge amount of property.

In line with Party regulations and laws, the decision has been made to expel Wang from the Party, confiscate his illicit gains, and hand over his case for judicial proceedings.