ZHENJIANG, China – Former vice-chairman of China’s top banking regulatory body, Cai Esheng, has been handed a death sentence with a two-year reprieve for accepting bribes exceeding 500 million yuan ($70.3 million) and abusing his power. The ruling by the Zhenjiang Intermediate People’s Court in Jiangsu province marks the culmination of a months-long legal saga for the 72-year-old Cai.
During his tenure from 2006 to 2021, Cai leveraged his positions to aid individuals and departments in securing financing, loans, business contracts, job promotions, and more. In return, he amassed illicit gains exceeding 400 million yuan. His misconduct extended beyond bribery – he also facilitated equity transfers, financing, loans, and job adjustments for others and accepted bribes of more than 110 million yuan directly or through others.
The court found that his actions as vice-chairman of the former China Banking Regulatory Commission resulted in substantial losses to state assets and public interests. The ruling deemed Cai’s crimes exceptionally severe, warranting the death penalty, citing the enormous sums involved, the detrimental impact on society, and the significant losses incurred by the state and people.
However, considering Cai’s confession, disclosure of unknown bribery instances, and some unsuccessful bribery attempts, the court opted for a two-year reprieve. This means Cai will spend the next two years under close observation. If he avoids further criminal activity, his sentence will be commuted to life imprisonment without the possibility of parole or further sentence reduction.
Cai, a native of Hubei province, served as vice-chairman of the now-defunct China Banking Regulatory Commission before its restructuring. However, his retirement in 2013 didn’t shield him from legal scrutiny. Placed under investigation in July 2021, he was subsequently expelled from the Communist Party in January 2023 and formally prosecuted in June. The public hearing for his case concluded in July 2023.
In conclusion, former China Banking Regulatory Commission vice-chairman Cai Esheng has been sentenced to death with a two-year reprieve for accepting bribes exceeding 500 million yuan and abusing his power. This ruling marks the culmination of a months-long legal saga for the 72-year-old Cai.