China Investigates China Construction Bank Former Head of Investment & Wealth Management Zhang Long for Suspected Corruption, 2nd Largest China State-Owned Bank
23rd September 2022 | Hong Kong
China anti-corruption unit is investigating China Construction Bank former Head of Investment & Wealth Management Zhang Long for suspected corruption. China Construction Bank is the 2nd largest China state-owned bank, and one of the China big 4 banks alongside Industrial & Commercial Bank of China (ICBC), Agricultural Bank of China, and Bank of China (BOC). Earlier in July 2022, China Anti-Corruption body China Central Commission for Discipline Inspection started 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 Investigates China Construction Bank Former Head of Investment & Wealth Management Zhang Long for Suspected Corruption, 2nd Largest China State-Owned Bank “
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).
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