By staff reporters Luo Jieqi, Zhang Yuzhe and Luo Changping

From Caijing Online

A former mid-level executive at the government policy bank China Development Bank (CDB) has been formally charged with bribery, 15 months after his arrest by Beijing police.

Prosecutors accused 43-year-old Hu Hancheng of taking bribes worth 5.5 million yuan, including 4 million yuan in connection with a 3 billion yuan loan issued by CDB to Bluesky Corp., China’s largest methanol producer.

Hu also received 1.5 million yuan in bribes from other companies he helped with securing CDB loans, prosecutors said.

The charges laid the groundwork for Hu’s trial, which has yet to be scheduled. He’s been in custody since being arrested in November 2007.

Hu was suspected after the National Audit Office checked CDB’s books in 2007 and found evidence of bribery in connection with loans issued to privately owned Bluesky, which is based in Henan Province.

Prosecutors said that from 2002-’04, Hu abused his power by offering credit assistance to Bluesky and accepting bribes – which he called “consulting fees” -- from the company’s senior executives.

Between 2002 and ’07, the company borrowed about 3 billion yuan from CDB. During that time, Hu served on the bank’s loan review board.

Full story in Chinese: http://www.caijing.com.cn/2009-02-11/110055189.html