Liu was abruptly transferred back to Beijing to become vice-chairman of Bank of China in May 2003. Investigations subsequently found Liu to have "committed economic crimes" in connection with his previous appointment as the head of the Shanghai branch of the Bank of China. Liu was subsequently dismissed from his post.
Liu, along with three other senior managers, were also alleged to have made "unauthorised distribution for personal purposes" of funds belong to the Bank of China before BOCHK was established. The Standard speculated that the amount involved was HK$30 million.
Chinese court has sentenced him to a 2 year suspended death sentence.
- Chung, O. Liu probe began in 2000: magazine. The Standard. March 10, 2004.
- Suspect loans' at Shanghai firm. BBC News report, June 10, 2003. Retrieved February 16, 2005.
- Bank executives arrested over $30m fraud scandal, The Standard. August 20, 2004.
- Xinhua News Agency, Investigation not affecting BOCHK operating results: statement. Via People's Daily. August 6, 2004.
- Suspension from duty of Messrs Zhu Chi and Ding Yansheng, Deputy Chief Executives of the Company. BOCHK announcement and press release, August 2, 2004.
- Investigation of Liu Jinbao and Zhang Debao. BOCHK announcement and press release, August 5, 2004.
- Ling, H. Top Bankers Brought Down by NPLs. Caijing, March 5, 2004.
- BOC vice-chairman sacked for suspected corruption. People's Daily. February 20, 2004.