finance news

CBIRC & CCDI crack down on top bankers amid corruption allegations

Date: April 05, 2023 Pooja Sharma Pooja Sharma
CBIRC & CCDI crack down on top bankers amid corruption allegations 
Chinese authorities have reportedly warned major bankers in the nation that the ongoing crackdown on the USD 60 trillion industry is likely to worsen. This comes along the heels of the launch of a probe on a top state banker.



CBIRC (China Banking and Insurance Regulatory Commission) and CCDI (Central Commission for Discipline Inspection) officials have enlisted top executives from over six major state-owned banks to lead the investigation into Liu Liange, former chairman of Bank of China. The announcement comes shortly after Mr. Liu’s sudden removal from his position as party chief of the fourth-largest bank in China.



According to the CCDI, the probe into Mr. Liu is due to suspicion regarding his involvement in critical violations of law and discipline. The regulatory bodies have also announced their intention to increase their scrutiny on corruption in the country’s financial sector and have warned bankers to learn from Mr. Liu’s case.



Senior executives and other banking staff are mandated to comply with regulations of laws and practice more self-discipline, claim sources with knowledge of the matter.



Recently, CCDI also stated that it would be initiating fresh probes at over 30 state-owned entities, including PetroChina and China Investment Corp. This also includes a review of five financial firms that were previously assessed.



Officials from CCDI have also announced that an investigation is being launched into the former general manager and party chief at the Beijing branch of China Huarong Asset Management, Mr. Huang Xianhui, on suspicion of severe law violations.



These probes are part of the ongoing and unrelenting clampdown that has been sending shockwaves through China’s finance industry since late 2021. Since late February, more than twenty executives from major financial entities have been investigated or penalized.



Source Credit: https://www.straitstimes.com/business/china-warns-top-bankers-of-deepening-crackdown-on-corruption



 

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Pooja Sharma

Pursuing her professional career as a content writer for over two years now, Pooja Sharma is endowed with a post-graduate degree in English Literature. The articles that she writes are a balanced blend of her ever-growing love of language and the technical expertise that she has gained over the years. Currently Pooja pens insightful articles for Newsorigins and numerous other websites, covering subjects such as business, finance, and technology.