© Reuters.
In a recent development, Zhang Hongli, former vice-president of Industrial & Commercial Bank of China (OTC:) Ltd (ICBC), is being investigated by China’s Central Commission for Discipline Inspection (CCDI) for alleged serious violations of discipline and laws. This investigation is part of President Xi Jinping’s wider campaign to root out corruption in the $61 trillion financial sector.
Zhang, who once held senior roles at Deutsche Bank AG (NYSE:) and Goldman Sachs Group Inc (NYSE:) before joining ICBC, resigned from his position at ICBC in 2018 due to family reasons. His case is one among many as the crackdown extends to numerous officials and executives in the banking sector, including the “Big Four” banks.
Among those targeted this year are Li Xiaopeng and Liu Liange, former chairmen of China Everbright (OTC:) Group and Bank of China, respectively. Both have been arrested on bribery charges with Li also being expelled from the Communist Party. Liu had previously resigned citing “work adjustments”.
The crackdown has also reached Wang Bin, former leader of China Life Insurance, who was found guilty of taking bribes and hiding overseas savings. He was subsequently sentenced to life imprisonment.
This anti-corruption campaign led by President Xi Jinping has seen over 100 officials and executives probed this year. It aims to enforce centralized leadership, maintain financial stability, and curb hedonistic lifestyles within the sector. Zhang shared his tenure at ICBC with other notable figures such as Li Xiaopeng of China Everbright Group and Cong Lin of China Renaissance Holdings Ltd, both currently detained. After leaving ICBC, Zhang joined Hopu Investment Management Co as co-chairman.
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