Ex-bank executive pleads guilty

Yao Zhongmin, a former senior executive of China Development Bank, pleaded guilty to accepting bribes worth more than 36 million yuan ($5.3 million) during a hearing at Baoding Intermediate People’s Court on Monday. From 2000 to 2013, Yao, deputy head and chief supervisor of the bank, made use of his position to offer loans and contract rights to others in exchange for bribes, prosecutors said. The court said its judgment will be announced at a later date.