Beijing, Aug 1 (IANS): Li Jiping, a former vice president of China Development Bank, has been expelled from the Communist Party of China (CPC) due to serious violations of discipline and laws.

The decision was made following an investigation by the CPC Central Commission for Discipline Inspection and the National Commission of Supervision, upon the approval of the CPC Central Committee, according to an official statement released on Thursday.

The investigation found that Li had violated the central Party leadership's eight-point decision on improving conduct by attending banquets in violation of relevant rules, Xinhua news agency reported. He also violated organisational principles by unscrupulously interfering in and meddling with recruiting and promoting personnel in financial institutions, polluting the political environment.

Additionally, Li had accepted large sums of money as gifts and violated relevant rules by owning shares in non-listed companies, breaching the integrity red line. He was also found to have engaged in money-for-sex trades, abused his power to seek personal gains and taken advantage of his posts to seek benefits for others in areas such as loan financing and business operations, while illegally accepting huge amounts of money and gifts in return.

Li's illegal gains will be confiscated and the case involving his suspected criminal activities will be transferred to procuratorial authorities for review and prosecution, the statement said.