China Anti-Corruption Body Investigates Former CEO of China Everbright Chen Shuang
29th July 2022 | Hong Kong
China Anti-Corruption body China Central Commission for Discipline Inspection is investigating former CEO of state-owned financial services group China Everbright Chen Shuang for “suspected violations of the law.” Chen Shuang had resigned from China Everbright in 2019. China Everbright Limited (Everbright, stock code: 165.HK) was established in Hong Kong in 1997 with over 20 years’ experience in cross-border asset management and PE investments. It is a listed company in Hong Kong with alternative asset management as its core business, backed by its parent company China Everbright Group. China Minister of Industry & Information Technology Xiao Yaqing is also being investigated for suspected corruption, according to the statement issued by the China Central Commission for Discipline Inspection (suspected violations of discipline and law). Xiao Yaqing was appointed as the China Minister of Industry & Information Technology in July 2020.
“ China Minister of Industry & Information Technology Xiao Yaqing Investigated for Suspected Corruption “
China Corruption & Investigations
Earlier in January 2022, China Anti-Corruption Authority investigated Wang Bin, the Chairman of China Life and China Communist Party committee secretary for suspected serious violations of discipline and law. In March 2022, Former China Party Secretary & General Manager of China Railway Corp Sheng Guangzu (Age 72) is under investigation from government authorities for suspected corruption & violation. In May 2022, China central bank People’s Bank of China (PBOC) is investigating and had removed PBOC Head of Monetary Policy Sun Guofeng from office for serious violations of discipline and the law (suspected corruption). In 2021, China sentenced former Head of ICBC Shanghai Gu Guoming to lifetime imprisonment for receiving $21 million (CNY 136 million) in bribes between 2005 to 2019. As the Head of ICBC Shanghai, Gu Guoming had took advantage of his position in power, including helping individuals and companies to obtain bank credit. According to the Shanghai court verdict, Gu Guoming had pleaded guilty and had helped to recover most of the $21 million in bribes. (ICBC ~ Industrial and Commercial Bank of China is the largest bank by assets in China).
China Everbright
China Everbright Limited (Everbright, stock code: 165.HK) was established in Hong Kong in 1997 with over 20 years’ experience in cross-border asset management and PE investments. It is a listed company in Hong Kong with alternative asset management as its core business, backed by its parent company China Everbright Group. Through the private equity funds, venture capital funds, industry funds, mezzanine funds, fund of funds, fixed income and equity funds it manages, Everbright cultivates a number of high-growth-potential enterprises together with its investors. While closely following the development requirements of Chinese companies, it also introduces the best overseas technologies into the Chinese market, providing multifaceted services to Chinese and overseas clients. Moreover, Everbright also cultivated “CALC”, the largest independent aircraft leasing operator in China; established “EBA Investments” / “Everbright Jiabao”, leader of real estate private equity funds in China; integrated both mid- to high-end elderly care in China, establishing “Everbright Senior Healthcare”, a premium elderly care brand; and incubated “Terminus”, an AIoT unicorn company. Everbright became one of the first Hong Kong stocks to be traded following the launches of the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect programmes in April 2014 and December 2016. Everbright adheres to the motto of “The Power to Transform”. With a firm footing in Hong Kong – a true bridge between East and West – an international platform, and specialised sector focused teams, Everbright is well-positioned to take advantage of the long-term opportunities presented by changes in the global markets, to respond flexibly, and to become a pioneer in Chinese cross-border investment and asset management.
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