What’s new: Liu Ti, former deputy general manager of the Shanghai Stock Exchange, was put under investigation on suspicion of serious violation of law on his position, China’s top graft buster said Friday.
Liu, 54, was taken away Monday by authorities, Caixin learned from several sources. The Central Commission for Discipline Inspection didn’t disclose the reason for the probe, but some sources said it might be related to the 2021 bribery case of Cao Jian, former deputy chief responsible for vetting initial public offerings on the exchange’s Nasdaq-like STAR Market.
Liu was known for keeping close ties with market participants and being willing to help them, more than one source told Caixin.
The background: Cao was placed under investigation in June 2021 and turned over to prosecutors in December that year on bribery charges.
He was found to have accepted banquet invitations and gifts, used others’ accounts for stock trading, leaked confidential information, taken bribes and made illegal gains by investing in publicly traded companies, the graft buster said. A subsequent search of his home found more than $30 million in cash.
Liu is the latest in a series of senior officials in the securities industry to come under investigation by the anti-graft agency as Beijing continues a drive to stamp out misconduct in the financial sector.
Wang Zongcheng, director of the accounting department at the China Securities Regulatory Commission, was placed under investigated on suspicion of serious violation of law in June 2022.
Contact reporter Denise Jia (huijuanjia@caixin.com) and editor Bob Simison (bob.simison@caixin.com)
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