Chinese Communist Party Officials Warned of Setting up Private Equity Firms to Invest in Companies after Receiving Insider Information of Companies Going for IPOs, China Crackdown on Corruption
9th November 2023 | Hong Kong
Chinese Communist Party officials had been warned of setting up private equity firms to invest in companies after receiving insider information of companies going for IPOs (Initial Public Offering). In recent years, China had been cracking down on corruption. The former Chairman of Bank of China & China Communist Party Chief Liu Liange had been expelled from the China Communist Party, after being placed under investigation for suspected corruption since early 2023. The former Deputy General Manager of Shanghai Stock Exchange (SSE) Liu Ti is facing criminal charges for alleged embezzlement & bribery. In April 2023, Liu Ti was placed under Investigation for suspected corruption by China anti-corruption authority (Central Commission for Discipline Inspection). Liu Ti joined Shanghai Stock Exchange in 1998 and became Shanghai Stock Exchange Deputy General Manager in 2019. China Corruption – Ex-Liaoning Deputy Head Sun Guoxiang jailed for life for taking $139 million in bribes (CNY 1 billion), ex-China state-owned SDIC Power Chief Guo Qigang surrendered after 4 years overseas, ex-China Development Bank Vice President Wang Yongsheng investigated for corruption, China Taiping Insurance Deputy General Manager Xiao Xing investigated for corruption, and ex-China Everbright Chairman Tang Shuangning investigated for corruption. China Corruption – Shanghai ex-Chief Prosecutor Zhang Bencai had pleaded guilty to $6.6 million bribery charge (Kickbacks from 2005 to 2020), ex-General Manager of Taiping Life Insurance Zhang Ke is being investigated for corruption, ICBC Vice President Qiu Shijie is being investigated for corruption, and Chairman of Chinese Super League Liu Jun is also being investigated for corruption. Former Xiamen top legislator Chen Jiadong had been sentenced to jail for life for receiving $13 million in bribes between 2000 to 2022 (Tibet & Fujian). Deputy Party Chief of Shanxi Province Shang Liguang is being investigated for corruption. China Corruption: Ex-China Life Insurance Chairman Wang Bin had received a suspended death sentence and a 1-year jail sentence for accepting $44 million in bribes & hiding $7.5 million offshore, ex-ICBC Head of Disciplinary Task Force Liu Lixian had surrendered in a corruption investigation, Head of Shanghai asset regulator Bai Tinghui investigated for corruption, and ex-Bank of Communications Head of Operations investigated for corruption. The former China Deputy Central Bank Governor Fan Yifei has been charged for bribery. The former Beijing Health Chief Yu Luming had been sentenced to 11 years jail and fined $137,000 for bribery. The financial regulator & state-owned enterprise corruption investigator Wang Youbin had voluntarily surrendered for corruption investigation. The former Chairman of China state-pwned company China Tobacco Yunnan Industrial Ye Libin had been charged for accepting bribes & illegal possession of firearms & ammunition, and the former mayor of China Shandong Province Jinan Sun Shuta had been removed from office and expelled from China Communist Party for taking bribes & falsifying economic data.
“ Chinese Communist Party Officials Warned of Setting up Private Equity Firms to Invest in Companies after Receiving Insider Information of Companies Going for IPOs, China Crackdown on Corruption “
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