New Delhi Television Limited (NDTV) reported that the bank, the country’s fifth largest, lent a highway construction company in the central province of Hunan US$ 812 million between 2008 and 2010.
According to NDTV, Tao’s younger brother received a bribe of US$ 2.5 million in cash and nearly US$ 28.5 million from the bank.
Tao became president of the bank in 2007. His activities came under investigation in 2012, and he was arrested in December of that year.
President Xi Jinping and the Communist Party of China (CPC) are cracking down on corruption among officials in the nation. Xinhua reports that the CPC uncovered 154 violations of various kinds between August 4-10.
In addition, China is investigating the business dealings of global corporations such as GlaxoSmithKline, Microsoft Corporation, and others.
