Mon, 05 Jun 2023

Beijing [China], April 30 (ANI): China's top antigraft's grip over corruption has intensified as the country is targeting bankers, making an example of a few prominent figures along the way, according to the New York Times.

China's anti-corruption officials warned bankers in February that it would "investigate and deal with the people who neglect the party's leadership."China started its anti-corruption operation in 2017 when it targeted Xiao Jianhua, a Chinese-born billionaire known for managing assets for the country's ruling elite. In 2017, Chinese police snatched Xiao from his apartment at the Four Seasons Hotel in Hong Kong. He was sentenced to 13 years in prison last year.

In 2020, China found another target, Alibaba founder Jack Ma. China stooped Jack from going forward with what would have been a blockbuster stock offering of Ant Financial in 2020. Ant, the financial sister company of Alibaba, scrapped its plans, and Jack agreed this year to give up control of Ant.

In 2022, Chinese regulators said they punished banking and insurance institutions 4,620 times, a 19 per cent increase from a year earlier, while issuing 7,561 penalties to officials, up 26 per cent, reported the New York Times.

The most popular one was the case of the Chinese dealmaker and founder of China Renaissance Holdings Bao Fan, who had gone missing, according to Al Jazeera.

Chinese Renaissance Holdings Ltd, in a filing to Hong Kong Stock Exchange Market, said that the company was unable to reach Bao.

Since the start of this month, Chinese executives and senior officials in the country's financial sector have been put under the radar, or sanctions or are being investigated.

At the start of this month, Chinese anti-graft authorities have launched an investigation against Li Xiaopeng, former Party chief and chairman of China Everbright Group for suspected severe violations of Party discipline and laws, according to Xinhua News Agency citing the official statement.

Another one was Huang Xianhui, a former party secretary and general manager of the Beijing Branch of China Huarong Asset Management, who is under investigation for suspicion of duty-related violations of law, according to the New York Times.

According to the New York Times, Huarong Asset Management, a so-called bad debt firm established in 1999, is one of four major state-owned companies set up after the Asia financial crisis to take over loans and other assets that had plunged in value.

On April 21, Liu Ti, former deputy general manager of the Shanghai Stock Exchange, has been placed under investigation on suspicion of serious violations of duties, according to China Daily.

Earlier, this year, Chinese authorities also targeted Liu Liange, Bank of China; Tian Huiyu, China Merchants Bank and Zhou Gaoxiong, Guangdong Rural Credit Union, reported the New York Times. (ANI)

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