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In a latest improvement, Zhang Hongli, former vice-president of Industrial & Industrial Financial institution of China (OTC:) Ltd (ICBC), is being investigated by China’s Central Fee for Self-discipline Inspection (CCDI) for alleged critical violations of self-discipline and legal guidelines. This investigation is a part of President Xi Jinping’s wider marketing campaign to root out corruption within the $61 trillion monetary sector.
Zhang, who as soon as held senior roles at Deutsche Financial institution AG (NYSE:) and Goldman Sachs Group Inc (NYSE:) earlier than becoming a member of ICBC, resigned from his place at ICBC in 2018 because of household causes. His case is one amongst many because the crackdown extends to quite a few officers and executives within the banking sector, together with the “Huge 4” banks.
Amongst these focused this yr are Li Xiaopeng and Liu Liange, former chairmen of China Everbright (OTC:) Group and Financial institution of China, respectively. Each have been arrested on bribery fees with Li additionally being expelled from the Communist Celebration. Liu had beforehand resigned citing “work changes”.
The crackdown has additionally reached Wang Bin, former chief of China Life Insurance coverage, who was discovered responsible of taking bribes and hiding abroad financial savings. He was subsequently sentenced to life imprisonment.
This anti-corruption marketing campaign led by President Xi Jinping has seen over 100 officers and executives probed this yr. It goals to implement centralized management, preserve monetary stability, and curb hedonistic existence inside the sector. Zhang shared his tenure at ICBC with different notable figures akin to Li Xiaopeng of China Everbright Group and Cong Lin of China Renaissance Holdings Ltd, each at the moment detained. After leaving ICBC, Zhang joined Hopu Funding Administration Co as co-chairman.
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