The president of China’s sixth largest bank was detained in 2012 for bribery and embezzlement

(From Caixin Online)

By staff reporters Yang Zheyu and Wu Hongyuran

Tao Liming, the former president of the Postal Savings Bank of China who was arrested for corruption in 2012, died in custody on June 1, several sources with knowledge of the matter told Caixin.

No official statement regarding the cause of Tao’s death has been released. A source from the PSB, who asked not to be named, said Tao’s family has demanded an autopsy.

Tao Liming

Tao, 62, was placed under graft investigation by the Communist Party’s disciplinary agency in June 2012. Party investigators accused Tao of helping his younger brother solicit bribes in 2009 and 2010 worth more than 10 million yuan from a highway construction company in Hunan Province. Tao was also accused of illegal fund-raising and abusing power to write loans that violated regulations.

A court in central China’s Henan Province heard Tao’s case in August 2014. During the hearing, Tao confessed to taking bribes and embezzling public funds – crimes that carry a maximum punishment of the death penalty. The verdict in Tao’s case has never been made public.

“There was no public information about whether there was a sentencing or when it was made,” said a source close to the matter who declined to be named. Read more

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