Former chairman of top bank sentenced to death

A former chairman of Hengfeng Bank Co., has been sentenced to death by a Chinese court for making illegal gains of over $100 million.

Bloomberg reports that Yantai Intermediate People’s Court gave the ruling.

Jiang Xiyun was convicted for moving 754 million yuan ($108 million) worth of Hangfeng shares to his personal account between 2008 and 2013.

He was also found guilty of taking bribes of more than 60 million yuan together with another bank executive.

The sentence, however, carries a two-year reprieve. It may be commuted to a life sentence if the person shows good behavior within the allotted period