(Yicai Global) Dec. 20 -- New details have emerged in the case of Xu Yang, vice president of a sub-branch of China's ICBC Bank, who took nearly CNY2 million in bribes, for which he was sentenced to five and one-half years in prison.
The judgment shows that Xu took office as the new president of the Jiangyin sub-branch of Industrial and Commercial Bank of China Ltd. [HK:1398] in the first half of 2010. Jiangyin Firstextile Co., a subsidiary of Germany's Firstextile AG [XETRA:FT8], took out a loan of CNY400 million (USD60 million) from Xu's branch, at which time Firstextile's chairman Yang became acquainted with him.
To maintain his credit line, Yang started to send gifts to Xu in 2011, sending more than CNY460,000 over two years. Xu met Yang in Hong Kong and took HKD200,000 (USD26,00) from him in 2012. Xu went to Canada where Yang gave him another USD10,000 and CAD10,000, whereupon Xu gave USD2,000 each to Yang's daughter and nephew.
Firstextile is not the only firm implicated in Xu Yang's bribery case, however. As many as 19 companies were involved, many of which are well-known enterprises such as HOdo Group Finance Company Ltd., and Jiangyin Tongli Optoelectronic Technology Co., a subsidiary of Hongyu Technology Co. [KS:005490] and others.