Former banking official in court on bribes charges

A former top official of one of China's Big Four banks stood trial in Nanjing on Wednesday on charges of taking bribes worth more than 30.79 million yuan (US$4.9 million), the Supreme People's Procuratorate said.

Between 2005 and 2012, Yang Kun, 48, is alleged to have abused his power when he was vice president of the Agricultural Bank of China.

Yang was expelled from the Party on May 20 after its disciplinary watchdog said he had "accepted a huge amount of bribes."

A graduate of the elite Nankai University, Yang joined the bank in 1983. In January 2009, he became vice president.

According to a National Business Daily report, the bank attracted the attention of disciplinary authorities in April 2012 for allegedly approving 3 billion yuan in loans to Wang Yaohui, developer of the Solana Lifestyle Shopping Park in Beijing.

Wang was said to have formed a close relationship with Yang as both of them were keen on gambling.

The report alleged that Wang owed 3 billion yuan in gambling debts in Macau and, with Yang's help, was granted a 10-year property management operation loan of around the same amount from the bank by mortgaging Solana.

Yang was initially questioned following tip-offs from bank employees and restricted from going abroad in May 2012.

On May 31 that year, the bank confirmed that Yang was "assisting in an investigation."

On July 13, 2012, Yang resigned from all his positions at the bank due to "personal circumstances," according to a bank statement.

The Nanjing court said it would announce its verdict in what it described as a "very complicated" case at a later date.