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Former President of the Development Bank of China (BDC) Hu Huaibang pleaded guilty on Thursday to charges of corruption during the start of his trial in a court in the northern city of Chengde, the state press said.
Chinese courts accused Hu of taking advantage of his position, between 2013 and 2018, to obtain loans with beneficial conditions for third parties, guarantee promotions and acquire positions as a shareholder in commercial banks.
According to the indictment, the banker accepted more than 85.5 million yuan (10.4 million euros) in cash and gifts in exchange for favors.
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