Wang Yongsheng, former vice president of China Development Bank, has been sentenced to 12 years in prison for accepting bribes, according to a verdict handed down by a court in Jilin city, northeast China's Jilin province, on Monday.

Wang was also fined 2 million yuan (about $281,762), and his illegal gains will be confiscated and turned over to the state treasury, according to the verdict.

An investigation into Wang's case revealed that between 2010 and 2019, he took undue advantage of his positions to secure benefits for others in getting loans and financing, purchasing bonds and personnel arrangements, among others. In return, he illegally accepted money and valuables worth over 23.51 million yuan.

The court also noted that Wang had been cooperative in the investigation and in returning the illegal gains. These factors were taken into consideration when determining the sentence.

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