Jiangxi announced on November 2 that the former chairman of Jiangxi Bank, Chen Xiaoming, had been expelled from the Communist Party.

According to Politics and News Media, a mainland outlet, Chen has been accused of a host of violations, including unscrupulous family-style corruption and exploiting state-owned Jiangxi Bank as a private territory. 

Chen, who took the helm of the bank in 2018, was accused of committing nepotism, seeking benefits for relatives to enter the financial system, and making a profit by abusing his financial loan approval power. Allegedly, he accepted a huge amount of property illegally. No specific value was given.

Prosecutors called him “obsessed with profit, extremely greedy, and arrogant to power.” 

Officials investigated Chen in March after he resigned as chairman a month earlier. He was also accused of having improper sexual relations with others, but the report did not detail what led to this conclusion.

Besides being expelled from the Party, officials will confiscate Chen’s illegal gains. Politics and News Media says his pretax pay for 2020 was over 1.9 million yuan, $270,000, citing Jiangxi Bank’s public information.

Chen’s downfall marks the fourth executive from the bank to be dismissed this year. 

In May, vice president and board secretary Xu Jihong was placed under disciplinary review and supervisory investigation. Three months later, officials announced an investigation into the former president of the Pingxiang Branch, Feng Liang. In November, former Nanchang Bank Party committee member and Vice President Huang Wenjie voluntarily resigned. Nanchang was the former name of Jiangxi Bank before 2015.

In 2019, Jiangxi Bank was described as playing a significant and prominent part in the province’s overall growth.

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