China arrests former China Development Bank chairman

Former China Development Bank chairman Hu Huaibang had stepped down last September amid corruption allegations.
Former China Development Bank chairman Hu Huaibang had stepped down last September amid corruption allegations.PHOTO: BLOOMBERG

SHANGHAI (REUTERS) - Former China Development Bank chairman Hu Huaibang has been arrested for suspected serious violations of discipline, state broadcaster CCTV reported on Thursday (Feb 13).

Hu had been with the policy bank since 2013 and was also the top official of the ruling Communist Party at the bank.

He stepped down last September amid corruption allegations and has been investigated by the country's graft-busting agency since late July.

Hu was expelled from the Communist Party for serious violations of discipline in January.