Wang Yi, former vice president of China Development Bank

Wang Yi, former vice president of the state-run China Development Bank, has been arrested for alleged corruption, a report said Wednesday.

Beijing Times reported that Wang Yi was alleged to have taken more than 10 million yuan (US$1.5 million) in bribes.

Wang was detained in June during a probe into severe disciplinary violations. According to the report, Wang's case was referred to the prosecutor's office on Jan. 22.

China Development Bank was set up in 1994 as a policy bank to finance government projects. Wang previously served as a vice chairman of the China Securities Regulatory Commission, China's stock watchdog.

(China.org.cn by Wu Nanlan February 4, 2009)