Former China Development Bank executive investigated for bribery

Yao Zhongmin, former senior executive of China Development Bank, has been placed under investigation by the top prosecuting authority for alleged bribery, the Supreme People's Procuratorate announced on Monday.

The SPP said it has decided to take "coercive measures" against Yao, adding that the investigation is still ongoing.

According to Chinese law, "coercive measures" mainly include summons by force, bail, residential surveillance, detention or arrest.

According to the top anti-graft watchdog, Yao violated the Communist Party of China's code of conduct by abusing his position to obtain bribes or sexual services.

In addition, he is alleged to have abused his position to aid third parties, accepting large sums of cash or property in return.

In September, he was expelled from the Party and removed from office for alleged corruption. His case was transferred to the Supreme People's Procuratorate for further investigation.