Former China Development Bank executive stands trial for graft

Yao Zhongmin, former chairman of the board of supervisors at China Development Bank, is accused of taking advantage of his positions to secure loans and projects for others. [Photo: eastday.com]

Yao Zhongmin, former chairman of the board of supervisors at China Development Bank, stood trial Monday for accepting bribes.

Prosecutors accused Yao of taking advantage of his positions to secure loans and projects for others, and accepting money and valuables worth nearly 36.2 million yuan (5.35 million U.S. dollars) either personally or through others, including his brother Yao Zhongquan.

The case was heard by the Intermediate People's Court of Baoding City in north China's Hebei Province.

Yao confessed during the trial, according to the court. The verdict will be announced at another date.

The discipline inspection agency of the Communist Party of China (CPC)announced in September 2016 that Yao had been expelled from the CPC and removed from public office following a corruption investigation.