Huludao Bank sued its former head for "payroll" but was rejected; the relevant executives were involved in a money laundering case involving virtual currency

A civil ruling recently disclosed by the Judgment Documents Network stated that the bank sued the court because the former party secretary Li Yulin "violated party discipline and was suspected of committing crimes" during his tenure at Huludao Bank. Huludao Bank proposed that Li Yulin return the corresponding performance remuneration totaling 171,600 yuan during the period of illegal and disciplinary violations, but the first instance court has rejected Huludao Bank's lawsuit. It is reported that Li Yulin was known to the public for an illegal act of colluding with shareholders to embezzle huge amounts of funds. In August 2020, he colluded with the bank president Li Xiaodong and shareholders Duan Moutao and Zhou Moulong to fabricate an asset management plan on the grounds of resolving non-performing assets, and embezzled up to 2.6 billion yuan of the bank's funds. In September 2020, Zhou Moulong and Xiang Mou (handled in another case) and others agreed to illegally convert more than 1.8 billion yuan of the funds into foreign currency and transfer them to the account of a Hong Kong company controlled by Duan Moutao. From September to October 2020, Xiang and Chen and others purchased virtual currencies at a price higher than the market price in a virtual currency trading WeChat group. Afterwards, the virtual currencies obtained were sold overseas through overseas virtual currency buyers and exchanged for US dollars and other remittances to Duan Tao's Hong Kong company bank account. The court held that Chen, in partnership with others, knowing that the funds of others came from the bank's criminal proceeds, still helped them convert them into virtual currency and transfer them overseas. The circumstances were serious and his behavior constituted the crime of money laundering, but he played a minor role in the joint crime and was an accomplice. In the end, the court sentenced Chen to 2 years and 3 months in prison and a fine of 2 million yuan for the crime of money laundering, and the illegal gains were recovered according to law. In this case, Li Yulin, former secretary of the Party Committee of Huludao Bank, and Li Xiaodong, president of the bank, participated in the matter. (Securities China)