Hu Huaibang, former chairman of the China Development Bank (CDB), was sentenced to life in prison Thursday on charges of bribery by the Intermediate People's Court of Chengde in north China's Hebei Province.

Hu, also former secretary of the CDB committee of the Communist Party of China, was also deprived of political rights for life and all of his property has been confiscated, according to the court ruling.

The court also ordered Hu to turn over all his illicit gains and interest earned to the national treasury.

Hu accepted the court's decision and said he will not appeal the verdict.

The court found that Hu took advantage of his various posts to assist others in obtaining bank credit, operating their businesses and securing promotions between 2009 and 2019. In return, he accepted money and gifts worth more than 85.52 million yuan (about 13.24 million U.S. dollars).

The court said Hu was given a lenient punishment as he had confessed, provided additional information about his crimes, showed repentance, and voluntarily surrendered his illicit gains, while all his illicit gains had been recovered.

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