Zhang Gengsheng, the former vice-president of China Construction Bank, has been formally arrested on charges of suspected bribery and illegal loan issuance. The Supreme People's Procuratorate made the announcement on Wednesday, marking a significant step in China's ongoing anti-corruption efforts.

The case, which was investigated by the National Supervisory Commission (NSC), has now been transferred to prosecutorial authorities for further review and litigation. The Shandong Provincial People's Procuratorate, designated by the SPP, ordered the arrest after receiving jurisdictional authorization. This move follows a thorough investigation into Zhang's activities during his tenure at the bank.

According to the Central Commission for Discipline Inspection and the NSC, Zhang is alleged to have sought benefits for others in employee recruitment processes and held shares in non-listed companies, violating established regulations. He purportedly used his position to facilitate the business activities of his relatives and friends, indicating a clear abuse of power for personal gain.

The investigation further revealed that Zhang was allegedly involved in extensive power-for-money exchanges. He is accused of leveraging his position to seek benefits for others in bank credit and loan approvals, in exchange for which he illegally accepted large sums of money and gifts. These actions constitute serious breaches of conduct expected of senior officials in state-owned institutions.

In addition to bribery allegations, Zhang is also accused of violating national regulations by improperly issuing loans, which led to particularly significant losses for the bank. Furthermore, he reportedly accepted gifts, cash, and shopping cards illegally, participated in arranged travel and banquets, and misused public funds for personal dining expenses.

Public information indicates that Zhang, aged 65 and a native of Anhui province, dedicated over a decade of his career to the China Construction Bank. He ascended to the position of vice-president in 2013, highlighting his long-standing involvement in the bank's operations and decision-making processes.

Zhang's arrest underscores the intensified anti-corruption campaign in China, which is actively targeting irregularities within the financial sector. This action serves as a strong message, emphasizing the strict enforcement of discipline within State-owned institutions and the commitment to holding individuals accountable for their actions, regardless of their position or influence.