The former chairman of the state-owned Bank of Beijing is under investigation for corruption, the latest in a series of corruption probes into China’s financial industry.
Yan Bingzhu, who led the bank from its founding in 1996 until his retirement in 2017, is one of several senior officials under investigation for “serious violations of discipline and law,” according to a notice posted on Beijing’s official website on Friday.
He is the latest official to be investigated for corruption as part of President Xi Jinping’s decade-long anti-corruption campaign, which critics say is being used in part to purge his political opponents.
Yan has not been seen in public for more than six months.
Xi Jinping vowed in January to step up a crackdown on misconduct in the financial, energy and infrastructure sectors, a move that observers feared could further depress China’s economic recovery.
Tang Shuangning, another retired financial executive and former chairman of China Everbright Group, was arrested two months ago on suspicion of corruption and bribery.
Others targeted for alleged corruption include Sun Guofeng, a former senior central bank official who was sentenced to more than 16 years in prison for taking bribes.
Sun Deshun, the former president of state-owned China CITIC Bank, was also sentenced to life in prison for accepting more than $130 million in bribes during his career.
Another financial executive, Zhang Hongli, a former executive at China’s largest bank, Industrial and Commercial Bank of China, is also under investigation for corruption.
Follow us on Google news ,Twitter , and Join Whatsapp Group of thelocalreport.in
