BEIJING, Oct. 7 (Xinhua) -- Liu Liange, former Party chief and president of the Bank of China, has been expelled from the Communist Party of China (CPC) over severe violations of discipline and law.

His punishment was announced Saturday in an official statement from the CPC Central Commission for Discipline Inspection and the National Commission of Supervision.

They found that Liu had violated rules to wantonly meddle in credit projects and issue loans illegally, causing significant financial risks.

He had seriously damaged the political environment of his unit and attempted to obstruct the investigation into his case.

Liu failed to faithfully report his personal information and engaged in business operations in violation of regulations.

The investigation also found that he had abused his power to seek benefits for others in financing and project cooperation and accepted massive amounts of money and gifts in return.

In line with Party regulations and laws, a decision has been made to expel him from the Party, confiscate his illicit gains, and hand over his case for judicial proceedings.

The statement said that Liu's qualification as a delegate to the 20th CPC National Congress was also terminated.