Miscellaneous stories related to China Former High-Level Banking Official Stands Trial Wang Yi, former vice governor at the China Development Bank, has gone to trial on charges of accepting 11.9 million yuan in bribes (Caixin Online) The trial of a former banking regulator and vice governor of a major policy bank began March 30. Following a two-year investigation, Wang Yi stood before a Beijing court, accused of taking bribes amounting to 11.9 million yuan. According to prosecutors, Li Tao, a Hong Kong businessman gave Wang 5.38 million yuan in exchange for Wang's help in obtaining bank loans for Li's highway construction project. Li has been arrested. Wang served as vice governor at the China Development Bank (CDB) when he was detained by party disciplinary officials in 2008. Before joining CDB, he worked as vice chairman at the China Securities Regulatory Commission. Another businessman surnamed Zhou sent money to Wang through his brother 12 times, at a total sum of 6.3 million yuan, to facilitate his borrowing from banks. Wang's brother pocketed 3 million yuan as commission. A movie star and a famous news anchor were mentioned in the trial, as evidence of Wang using his influence to transfer profits. Li testified that he was instructed by Wang to foot a 2 million yuan mortgage for Liu Fangfei, a news anchor at China Central Television. Under investigation, Wang asked Liu to return the money to Li with 40,000 yuan in interest. Li also said that he paid a movie star, Zhao Wei, 300,000 yuan for accompanying Wang to attend a grand opening of Li's department store in Shenzhen. "These are the facts," said Wang in court. "I used influence beyond direct power to earn profit for others, from which I also benefited." Wang was an amateur composer. Although he had trouble reading music, his symphony piece, Ode to China, was a performance staple for the China National Symphony Orchestra, and was performed in January 2008 at the renowned Musikverein concert hall in Vienna.