Notice from Hubei Branch of Agricultural Development Bank of China

On December 22, the Hubei Branch of the Agricultural Development Bank of China reported that in June 2024, it was reported that a certain person named Wen had falsely accused his former father-in-law on the internet, involving Xu (a member of the Communist Party of China and retired in 2023), an employee of the Suizhou Branch, a subsidiary of our branch. The Party Committee of the Provincial Branch attaches great importance to it, and the Discipline Inspection Commission of the Provincial Branch has conducted a thorough investigation of the relevant issues raised by the informant in accordance with regulations and discipline

The reported issue of "Xu purchasing a villa worth tens of millions of yuan in Wuhan" has been verified. The property was purchased by Xu in 2014 with a capital of 5.342 million yuan for a commercial property (duplex) in Wuhan. The down payment of 1.662 million yuan was from Xu's own family funds, and the property was used as collateral to obtain a mortgage loan of 3.68 million yuan from a commercial bank. Currently, there is an outstanding loan of 3.05 million yuan. The reported issue of "Xu holding equity in the Han E and Han Cai highways" has been verified to be indirectly inherited by Xu in 2010 from the estate of his close relatives (who engaged in business before his death). No violations of discipline or law were found in Xu's acquisition of the aforementioned assets, nor was there any issue of unknown sources of large family assets

Further investigation revealed that Xu, who indirectly inherited the shares of the highway company held by his close relatives in 2010, has not reported to the organization; Xu illegally conducted private lending activities in his personal name from 2008 to 2016; From 2013 to 2015, illegally participated in the business activities of a private small loan company and received remuneration

Xu's behavior violated the Party's organizational discipline and integrity discipline. According to the CPC Disciplinary Regulations and other relevant provisions, and with the approval of the provincial branch party committee, the provincial branch discipline inspection commission recently gave Xu a punishment of staying in the Party for one year, reduced his retirement benefits as required, and recovered his disciplinary violations

Our branch will continue to strengthen the education and management of employees, and we thank all sectors of society for their concern and supervision