Afrigather Zhang Hongli, a former senior govt at Industrial and Industrial Financial institution of China Ltd., has been prosecuted for alleged bribery, Caixin World reported, citing China’s high prosecutor.
Zhang, a former senior vice chairman of the world’s largest business financial institution by property, used his place to safe benefits for corporations and people in return for substantial bribes, in line with an announcement from the Supreme Individuals’s Procuratorate, which didn’t disclose the precise quantities concerned, in line with Caixin.
China opened a corruption investigation into Zhang final yr, marking one of many highest profile investigation in China’s years lengthy marketing campaign to root out graft within the finance business. He was expelled from the Communist Occasion in Might.
Often known as Lee Zhang, he labored at ICBC from 2010-2018 after earlier holding high roles at Deutsche Financial institution AG and Goldman Sachs Group Inc. Zhang joined non-public fairness big Hopu Funding Administration Co. Ltd. as co-chairman after leaving ICBC.
The investigation revealed that Zhang accepted journey advantages that would undermine his impartiality in finishing up public duties, organized banquets and journeys paid for with public funds, and granted favors in employment selections, in line with Caixin.
Anti-corruption officers additionally charged him with abusing his authority for private achieve, utilizing his official roles to help others with mortgage financing, and taking important bribes, the information web site stated.
President Xi Jinping has tightened the reins over the sector in recent times to put in a extra “centralized and unified management” and cracked down on the “hedonistic” life of bankers. Authorities additionally made monetary stability a high precedence as they attempt to revive the economic system with out stoking unintended dangers.
This text was generated from an automatic information company feed with out modifications to textual content.
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First Printed:
30 Aug 2024, 10:27 PM IST
Enterprise NewsNewsWorldChina Expenses Ex-ICBC Banker Lee Zhang Over Alleged Bribery
