Former President of Citic Bank admits taking USD 154 mn of bribes

Sun Deshun, former president of China CITIC Bank Corporation Limited, has pleaded guilty to allegations of taking USD 154.3 million in bribes, local media reported.

Deshun stood trial on Tuesday at court in east China's Shandong Province, Xinhua news agency reported.

Sun was accused of taking advantage of his various former positions to assist others in matters such as gaining loan approval and credit lines from 2003 to 2019.

In return, Sun accepted money and gifts worth USD 154.3 million.

During the trial, prosecutors presented evidence that was, in turn, examined by the defendant and his lawyers.

In his final statement, Sun pleaded guilty and expressed remorse. Sun's sentence will be announced at a later date.

( With inputs from ANI )

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