China’s Ex-Deputy Central Bank Governor Fan Yifei Sentenced to Death for Bribery

China’s former deputy central bank governor, Fan Yifei, has been sentenced to death with a two-year reprieve for accepting bribes, state media reported on Thursday. The sentencing comes as part of President Xi Jinping’s sweeping anti-corruption campaign targeting the financial sector.

Fan, 60, was found guilty of accepting property valued at over 386 million yuan (approximately $54.55 million) during his tenure at the People’s Bank of China and other financial institutions, including China Construction Bank. The Huanggang Intermediate People’s Court in Hubei province handed down the sentence, stating that after the two-year reprieve, Fan’s sentence will be commuted to life imprisonment without the possibility of parole or commutation.

The court emphasized the gravity of Fan’s crimes, describing the bribes as “extremely large” and the circumstances as “extremely serious.” The verdict further stated that Fan’s actions caused significant harm to the interests of the state and its people.

Fan Yifei’s sentencing marks the highest-profile arrest of a central bank official in the decade-long anti-corruption drive initiated by Xi Jinping, which has sought to root out corrupt practices in the financial sector.

Fan could not be reached for comment, and further details surrounding his defense were not available.