China Development Bank's ex-vice president under probe

Chinese authorities launched an investigation against former top bankers for suspected corruption, state-run media said on Wednesday.

Li Jiping, a former vice president of the state-owned China Development Bank, is under disciplinary and supervisory investigation, Xinhua News agency reported.

"Li, also formerly a member of the bank's committee of the Communist Party of China (CPC), is being investigated by the CPC Central Commission for Discipline Inspection and the National Supervisory Commission for suspected severe violations of discipline and the law," the agency said, citing an official statement.

The latest development came after a Chinese court last month sentenced the former president of China Merchants Bank Co. (CMB) to death with a two-year reprieve on charges of taking bribes and insider trading.

Read also: Chinese defence minister under investigation for corrupt procurement

In January this year, the Central Commission for Discipline Inspection, the country’s top anti-corruption body, said 110,000 Chinese Communist Party officials, including 45 senior officials, faced disciplinary action for corruption.

China’s fight against corruption under President Xi Jinping has seen high-level officials sacked and punished, and many executed.

Last year, Xi sacked two top ministers, including Defense Chief Li Shangfu, who is allegedly facing a corruption probe.