What’s new: Liu Liange, a former Communist Party chief and chairman of Bank of China Ltd. (BOC), has been placed under investigation for suspected “severe violations of (party) discipline and laws”— a regular euphemism for corruption, China’s top anti-graft watchdog said Friday.
State-owned BOC announced in February that Liu had been removed as its party chief, and said earlier this month that he had stepped down as chairman.
BOC is China’s fourth-largest bank by assets.
The background: Liu, 61, joined BOC as president in 2018 and became its chairman the year after. He had previously worked for the central bank and policy lender the Export-Import Bank of China.
Contact reporter Zhang Yukun (yukunzhang@caixin.com) and editor Jonathan Breen (jonathanbreen@caixin.com)
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