What’s new: Zhang Hongli, a former senior executive vice president of Industrial and Commercial Bank of China Ltd. (ICBC) (601398.SH), has been expelled from the Communist Party on corruption allegations after a six-month investigation by graft busters.
Zhang “seriously violated the party’s political, organizational, integrity and lifestyle disciplines, committed serious duty violations and is suspected of bribery crimes,” the Central Commission for Discipline Inspection (CCDI), China’s top anti-corruption watchdog, said in a statement.
Zhang accepted travel arrangements that could compromise his impartial execution of public duties, organized banquets and trips funded by public money and offered favors in recruitment and promotion. He exploited public power for private gain, extensively traded power and money, used his official position to benefit others in loan financing and amassed a substantial number of illicit gains, said the statement.
The CCDI also accused Zhang of “cultivating political brokers and engaging in interest exchanges.” Zhang’s case has been handed over to the prosecutorial authorities for review and prosecution, it said.
Background: Zhang, 58, was placed under investigation by the CCDI in November. He served ICBC for eight years, from 2010 to 2018. The bank is the world’s largest by assets.
Zhang is known for his extensive international experience. In the two decades before moving to ICBC, he worked for American IT company Hewlett Packard, the U.K.’s Schroders International Merchant Bank, investment banking giant Goldman Sachs and Deutsche Bank.
After leaving ICBC, Zhang joined private equity giant Hopu Investment Management Co. Ltd. as co-chairman.
China’s sweeping campaign to clean up corruption in its financial sector has brought down several former executives of ICBC over the past few years. Some had close ties with Zhang, Caixin learned.
Contact reporter Han Wei (weihan@caixin.com)
