What’s new: Wang Jianhong, former head of Bank of China’s Beijing Branch, is under investigation on suspicion of serious violation of law and Communist Party discipline, the country’s anti-graft watchdog said Wednesday.
Wang, 60, joined Bank of China (BOC) in 1988. He most recently acted as chairman of BOC-Samsung Life Insurance Co. Ltd., a joint-venture insurance company backed by BOC, Samsung Life Insurance and China National Aviation Holding Corp. Ltd., from May 2020 until February 2023.
The background: The Communist Party’s top anti-graft watchdog last month vowed to “resolutely” fight against corruption in the financial sector, signaling a continued crackdown on financial misconduct.
The Central Commission for Discipline Inspection highlighted corrupt practices such as shadow shareholders, the public-private revolving door and resignations to avoid investigation.
This year so far, eight bank officials have been punished for corruption. Dong Fuhai, former deputy director of the Infrastructure Office of the Agricultural Bank of China, was expelled from the Communists Party and removed from public positions on corruption charges.
Contact reporter Denise Jia (huijuanjia@caixin.com) and editor Bob Simison (bob.simison@caixin.com)
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