Postal Savings Bank of China controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2024
Li Guohua sentenced to 16 years at first instance for bribery and abuse of power
On May 7, 2024, the Qingdao Intermediate People's Court sentenced Li Guohua, former general manager of China Post and chairman of Postal Savings Bank of China, to 16 years in prison in the first instance. It found that he accepted bribes of more than 66.45 million yuan, of which more than 21.59 million yuan was not actually obtained; abuse of power caused losses of more than 49.96 million yuan in state-owned assets, involving his posts in the postal system.
2023
Fined 31.86 million yuan by PBOC for multiple financial management violations
In July 2023, the People's Bank of China announced administrative penalties, including a 31.86 million yuan fine against Postal Savings Bank of China for 10 categories of illegal acts. Caixin reported it together with fines against other financial institutions in the same period. This entry is limited to the matters and institution listed in the penalty and does not imply that all branches committed the same violations.
2020
IFC watchdog investigates Postal Savings Bank of China loan
Investigation
The Compliance Adviser Ombudsman launched an investigation into a complaint concerning a loan by Postal Savings Bank of China to a Chinese mining group involved in a planned Indonesian mine. The complaint alleged that the loan was made without regard for environmental concerns and in apparent contravention of IFC environmental and social standards. The investigation followed the filing of the complaint; no findings or outcomes are stated in the source.
Source excerpt
The Compliance Adviser Ombudsman (CAO), which scrutinises the social and environmental concerns of communities affected by IFC-backed projects, launched the investigation because the PSBC – an IFC client that received a US$300 million equity investment in 2015 – loaned funds to the state-owned China Nonferrous Metal Mining Group and its Foreign Engineering and Construction Company (NFC) subsidiary in apparent contravention, activists say, of the IFC’s environmental and social standards.
2016
Criminal case against first president Tao Liming terminated after his death
According to The Paper, the case involving Tao Liming, first president of Postal Savings Bank of China, included over-issuance of certificate treasury bonds and irregular financing, and he had received a first-instance judgment. He died in June 2016 during the second-instance trial, and proceedings in his own case were terminated due to death; the final judgments of other defendants in the same case cannot be regarded as his own final conviction.