Former top Chinese shipping executive Li Li will be prosecuted for allegedly receiving bribes.

According to Chinese news agencies, Beijing’s Central Commission of Discipline Inspection and its Yunnan officials claim Li Li took advantage of her senior position as the former party secretary and president of the transportation & financing department of the Beijing branch of Export-Import Bank of China (CExim).

The 56-year-old was reported to have seriously violated Chinese law. She allegedly “benefited from others and illegally accepted other people’s property”.

The amount allegedly received was described as “particularly large” but the details were not disclosed.

Li Li was said to have used her position at CExim to obtain loans for third parties, provide illegal intermediaries in financial leasing and elicit bribes.

Her employment with CExim was terminated after she was detained and placed under investigation by the Communist Party’s anti-corruption watchdog in January 2022.

Li Li is one of several shipping bankers caught up in the graft probe.

Eight other lease financiers were reported to be under investigation, including Wang Wei, also known as Eric Wang, of Smarine Advisors.

Wang previously worked at CExim and was a staff member under Li Li.

The other seven shipping bankers under investigation are: Fang Xiuzhi of Bank of Communications Leasing; Fan Qiyong of Minsheng Financial Leasing; Yang Changkun (CK Yang), partner of Equator Fund Management and ex-head of shipping at ICBC Leasing and CExim; David Wu, a Norwegian shipowner and financier with Landmark Capital and Saga LNG; Guo Fangmeng (Bill Guo) of Citic Financial Leasing (Citic FL); Ji Fuxing; and Lv Zhuo (Luke Lv).

Guo, Ji and Lv Zhuo are former colleagues of Yang at ICBC.