An investigation for corruption was launched in China against the former ICBC manager

An investigation has reportedly been launched against Cang Hongli, former vice president of the Industrial and Commercial Bank of China (ICBC), one of China’s largest state-owned commercial banks, for suspected corruption.

In the statement by the Central Disciplinary Investigation Committee (MDİK) of the Communist Party of China (CPC), it was stated that Cang was being investigated on suspicion of “serious violations of law and party discipline.”

The statement did not give details about the accusations, but in these types of investigations the terms “illegal behavior” and “violation of party discipline” generally indicate suspicion or accusation of corruption.

Cang, 58, known as an executive with experience in international business, worked at the American technology company Hewlett Packard, the British Schroders, the American Goldman Sachs and the German Deutsch Bank before ICBC.

Cang, who worked at ICBC between 2010 and 2018, became the latest senior executive to be the subject of corruption investigations underway in China’s financial sector since 2021.

This year, former Zheshang Bank board chairman Shin Ringang was denounced on February 7, former Bank of China chairman Liu Liang on March 31, and former Minsheng Bank vice chairman Shing Binshiu , on May 13. the investigation began.

It is noteworthy that following the change of leadership of MDİK in the CCP National Congress in October 2022, corruption investigations were expanded to large public banks and endowments.

CORRUPTION INVESTIGATIONS IN THE IS GOVERNMENT

Fighting corruption was one of CCP President and General Secretary Xi Jinping’s most important issues during his 10-year rule, and during this period, dozens of high-level officials were fired due to corruption investigations.

In his speech at the opening of the CCP National Congress, Xi said party cadres with ties to the business world would be severely punished and corruption investigations would continue.

In his speech, Xi Jinping said: “We must say ‘enough’ to party cadres who occupy leadership positions and become spokespersons and agents for powerful interest groups and factions and collude with the business world.” He used the expression. (AA)