Liu resigned last month citing “work adjustments,” according to a filing by the bank.Īnd in January, Wang Bin, who headed state-owned China Life Insurance from 2018 to early 2022, was charged by national prosecutors with taking bribes and hiding overseas savings. ![]() Last Friday, authorities opened a similar probe into Liu Liange, former chairman of state-owned Bank of China, the country’s fourth largest lender. Li is suspected of “serious violations of law and discipline” and is under investigation, the commission said Wednesday in a brief statement.Įverbright said in a statement that it “fully supports” the party’s decision and will “fully cooperate” with the investigation into Li, who chaired the bank for four years until he resigned in March 2022. Three big names at the very top of China’s financial system have been probed or charged, according to the CCDI, including Li Xiaopeng, the former chairman of China Everbright Group - one of the country’s oldest and largest state-owned financial conglomerates. The Communist Party’s top anti-graft agency, the Central Commission for Discipline Inspection (CCDI), has investigated more than a dozen senior executives at the country’s most important financial institutions so far this year, according to a CNN analysis of statements posted on the CCDI’s website. China’s banks and insurers have become the latest focus of a sweeping anti-corruption crackdown that is ensnaring top officials and risks rattling the already fragile nerves of investors and entrepreneurs.
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