Bank of China's Former Chairman Arrested for Bribery Charges
Former chairman of Bank of China, Liu Liange, has been arrested on suspicion of bribery and providing illegal loans, according to the official Xinhua news agency.
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Bank of China's Ex-CEO Arrested for Bribery
Liu Liange, the former chairman of the Bank of China, has been arrested on charges of bribery and giving illegal loans. This arrest is part of President Xi Jinping's ongoing anti-corruption probe into China's financial sector. Several high-profile financial executives have already faced fines, jail time, or investigations as part of this crackdown. Liu's arrest comes after he was expelled from the Communist Party and accused of a range of illicit activities, including illegally granting loans and accepting bribes.
Bank of China Implements Nationwide Salary Gap Reduction Initiative - Sources
Bank of China has initiated a nationwide effort to reduce salary gaps among its employees and mid- and high-level managers in response to China's "common prosperity" drive, aimed at addressing income inequality. The bank has implemented a "salary management system reform plan" at its headquarters, with plans to roll it out to branches across the country within the next two years. The plan involves raising salaries for employees below mid-level managers by 10% to 15% and reducing salaries for higher-level managers by a similar range. This move follows pay cuts at other financial institutions and aims to address wealth inequality within the bank.
Hong Kong Urges Major Banks to Embrace Crypto Exchanges as Clients
Hong Kong is welcoming crypto exchanges and establishing a regulatory framework for stablecoins, while Bank of China has tokenized $28 million in debt notes on the Ethereum blockchain. Meanwhile, Do Kwon, CEO of Terraform Labs, and his CFO have been ordered back to jail in Montenegro pending extradition proceedings to South Korea for their role in the $40 billion collapse of the Terra Luna ecosystem. In South Korea, crypto lenders Haru Invest and Delio have paused withdrawals due to suspected fraud, causing concerns of contagion in the industry.