news

한어Русский языкEnglishFrançaisIndonesianSanskrit日本語DeutschPortuguêsΕλληνικάespañolItalianoSuomalainenLatina

China Fund News Dawn

There are new achievements in financial anti-corruption!

According to the official website of the Shandong Discipline Inspection and Supervision Commission, Li Feng, former member of the Party Committee and deputy president of LaiShang Bank Co., Ltd., was expelled from the Party and removed from public office for serious violations of discipline and law.

The notice pointed out that Li Feng violated national laws and regulations and used credit funds to buy and sell stocks in violation of regulations; he "relied on finance to make a living from finance" and used his position to seek benefits for others in loan financing, office building disposal, etc. and illegally accepted huge amounts of property.

Illegal use of credit funds to buy and sell stocks

Illegally accepting huge amounts of money

According to the Jinan Municipal Commission for Discipline Inspection and Supervision: Recently, with the approval of the Jinan Municipal Party Committee, the Jinan Municipal Commission for Discipline Inspection and Supervision initiated an investigation into the serious violations of discipline and law by Li Feng, former member of the Party Committee and Vice President of LaiShang Bank Co., Ltd.

Upon investigation, it was found that Li Feng had the following problems:

• As a party member and leading cadre, he lost his ideals and beliefs, betrayed his original aspirations and mission, was disloyal and dishonest to the party, colluded with others to give false testimony, and resisted organizational review;

• Ignoring the spirit of the Central Government’s eight-point regulations, illegally accepting gifts and spending cards, accepting banquets and travel arrangements that may affect the impartial performance of official duties, and illegally receiving subsidies;

• Conducting business in violation of regulations; violating state laws and regulations, and using credit funds to buy and sell stocks in violation of regulations;

• “Live off finance to make a living from finance”, using the convenience of their position to seek benefits for others in loan financing, office building disposal, etc. and illegally accepting huge amounts of property.

The notice pointed out that Li Feng violated the party's political discipline, discipline on integrity and national laws and regulations, constituted serious violations of duty and was suspected of bribery, and did not restrain or stop after the 18th National Congress of the Communist Party of China. The nature of his violations is serious and the impact is bad, and he should be dealt with seriously.

In accordance with the "Regulations on Disciplinary Punishment of the Communist Party of China", the "Supervision Law of the People's Republic of China", the "Administrative Punishment Law of Public Officials of the People's Republic of China" and other relevant regulations, the Standing Committee of the Jinan Municipal Commission for Discipline Inspection studied and reported to the Jinan Municipal Party Committee for approval, and decided to expel Li Feng from the party; the Jinan Municipal Supervision Commission will expel him from public office; confiscate his illegal gains; and transfer his suspected criminal cases to the procuratorate for review and prosecution in accordance with the law, and the relevant property will be transferred together.

Investigated in March this year

Public information shows that Laishang Bank was established in July 2005 with the approval of the former China Banking Regulatory Commission and was renamed from Laiwu City Commercial Bank. As of the end of 2022, Laishang Bank had total assets of 183.8 billion yuan, various deposit balances of 149.6 billion yuan, and loan balances of 118.1 billion yuan, ranking among the top city commercial banks in Shandong in terms of development speed.

According to LaiShang Bank's previous regular reports, Li Feng started working in July 1990. He is a member of the Communist Party of China, has a bachelor's degree, a master's degree, and is an economist. He is currently the vice president of LaiShang Bank, in charge of the credit management department and concurrently serves as the general manager of the business department.

Li Feng has worked at Laishang Bank for many years. In October 2019, the board of directors of Laishang Bank approved the appointment of Li Feng as the bank's vice president. In April 2020, his vice president qualification was approved by the former Shandong Banking and Insurance Regulatory Bureau. Prior to this, Li Feng served as assistant president of Laishang Bank and president of multiple branches.

In December 2023, LaiShang Bank elected the Second Committee of the Communist Party of China of LaiShang Bank, and Li Feng was elected as one of the eight members of the Party Committee.

In March this year, the official website of the Shandong Discipline Inspection and Supervision Commission announced that Li Feng, member of the Party Committee and deputy president of Laishang Bank, was suspected of serious violations of discipline and laws and was subject to disciplinary review and supervision investigation by the Jinan Discipline Inspection and Supervision Commission.

Before Li Feng, Li Minshi, former Party Secretary and Chairman of Laishang Bank, was expelled from the Party and removed from public office in 2016. Judging from their work experience, the two had worked together. According to previous reports, Li Min had seriously violated national laws and regulations, used his position to embezzle public property, seek benefits for others and accept property in extremely large amounts, accepted huge amounts of dry shares from specific people and transferred huge benefits to them, and organized others to issue false invoices, suspected of committing crimes.

Editor: Huang Mei

Reviewer: Chen Siyang

Copyright Notice

"China Fund News" enjoys the copyright to the original content published on this platform. Reproduction without authorization is prohibited, otherwise legal liability will be pursued.

Contact person for authorized reprint cooperation: Mr. Yu (Tel: 0755-82468670)