Former CEO of China Construction Bank Imprisoned for Accepting Bribes

November 9, 2006 Updated: November 9, 2006

According to Bloomberg reports, the former CEO of the China Construction Bank, Zhang Enzhao, was sentenced to fifteen years in prison on November 3 for accepting bribes worth 4.18 million yuan (USD 531,414). After Beijing Intermediate People's Court sentenced sixty year old Zhang Enzhao to Qincheng Prison in Beijing, Zhang's attorney said that he believed the sentence was too severe and he would discuss with his client whether to appeal.

In September Zhang Enzhao admitted in court that he accepted bribes worth more than 4 million yuan during the years from 2001 to 2004. In exchange he approved loans to the bribers. He accepted gifts including real estate, watches, and massaging chairs worth a total of more than 2 million yuan(USD 254,265). The court said that Zhang Enzhao had abused his authority for the sake of personal well being and had caused damage to society.

Zhang Enzhao was appointed as CEO of China Construction Bank in January 2002. He was also the Party Chief for the bank and Chairman of the Board of Directors of China International Finance, Ltd. China Construction Bank launched its first IPO in October 2005 and Zhang Enzhao was discharged in March 2006. Since then he has been under investigation by the Communist Party disciplinary organ.