Xu Zuo, deputy general manager of CITIC Group, a State-owned financial conglomerate, was sentenced to life in prison on Friday by a court in Liaoning province for accepting bribes of 147 million yuan ($20.8 million) and unlawfully operating a competing business.

The Shenyang Intermediate People's Court gave Xu a life imprisonment, deprived him of political rights for life, and confiscated all of his personal assets for the crime of bribery.

It also sentenced him to seven years in prison, along with a fine of 10 million yuan for the crime of illegal operation of competing businesses. The crime refers to the actions of directors and managers of State-owned companies or enterprises who, taking advantage of their positions, engage in or assist others in conducting business similar to that of the company or enterprise they work for, to seek illegal profits of a large amount.

The court combined the penalties for both crimes and imposed a life imprisonment on Xu, ordering his illicit gains and related interests transferred to the State treasury.

According to the court, Xu, from 1999 to 2024, used his positions in the group to seek benefits for relevant individuals in various matters, such as project contracting and business operation. In exchange, he accepted bribes worth more than 147 million yuan.

Between 2012 and 2024, he also took advantage of the positions to run similar businesses and obtained huge amounts of profits, the court added.

Xu's behaviors constitute the crimes of bribery and unlawful operation of a competing business, it said, adding he should be harshly punished due to the "extremely large" sum of bribes and "extremely huge" losses to the country and the people.

However, it noted it considered leniency because he confessed, disclosed most bribes not yet known to investigators, and returned his illicit gains.

A native of Hubei province, Xu, 60, once worked for CITIC Dicastal, a large supplier of aluminum wheels and aluminum chassis parts headquartered in Qinhuangdao, Hebei province. In 2019, he became the deputy general manager of CITIC Group.

He was placed under investigation in June 2024. Six months later, he was expelled from the Communist Party of China and removed from public office.

In April, he was charged with bribery and unlawful operation of a competing business. In July, the court publicly heard the case.