Yao Zhongmin, a former senior executive of China Development Bank (CDB), has been expelled from the Communist Party of China (CPC) and removed from office for corruption.
The decision has been approved by the CPC Central Committee.
The CPC Central Commission for Discipline Inspection (CCDI) announced on Tuesday that Yao, former deputy Party chief and chairman of the board of supervisors at CDB, was found to have violated the Party political rules and code of conduct.
He obstructed the Party investigation and did not show repentance nor rectify his wrongdoing even after having been punished for violating the Party's thrift rules, the CCDI statement said.
Also, the investigation found that Yao had violated the CPC's clean governance rules by accepting gifts and money and engaged in power-for-sex and money-for-sex deals.
The CCDI said that Yao may have committed the crime of bribery by using his power to secure interests for others and receiving money and gifts in return.
His illegal gains will be confiscated and the case involving suspected crimes will be transferred to the judiciary, the statement said.