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China’s Securities Regulatory Authority sentenced to death and suspended

Tong Daochi, a former senior Chinese official who worked at the World Bank, was sentenced to death for accepting bribes, becoming the latest senior Communist Party member to be punished during the war. President Xi Jinping’s anti-corruption campaign.

The 54-year-old who also worked at Rand Corporation, a US-based consulting organization, was convicted after allegedly making more than $41 million from bribery and insider trading.

Tong’s quote is the latest in a growing number of cases targeting the intersection between finance and the state.

Since 2012, Mr. Xi has targeted “tigers and flies”, or high and low-ranking government officials, for alleged corruption. The crackdown has arrested about 2 million officials, including Mr. Xi’s political opponents and dissidents, as well as legal graft cases.

State news agency Xinhua reported: “From 2004 to 2020, Tong took advantage of the various positions he held to assist others in matters including company listing, business, lending and promotional activities as well as receiving money and goods”.

Tong’s alleged crimes include leaking “sensitive securities information to relatives and associates” during his time with the China Securities Regulatory Commission. He confessed and handed over the illicit money and property after being arrested.

Central Commission for Discipline Inspection, Communist Party of ChinaThe anti-corruption watchdog, last October, embarked on an investigation of 25 institutions, including central banks, banking and insurance regulators, stock exchanges and commercial banks. . Dozens of officials from state-owned banks, regulators and insurance companies have been named under investigation.

The CCDI last month announced an investigation into Sun Guofeng, the former head of the central bank’s monetary policy department, for alleged “serious violations of party discipline and the law”.

Sun, 49, has held various roles in the monetary policy department and research institute of the People’s Bank of China since 1996, and has taught in the US, including at Princeton and Stanford universities. .

Alex Payette, chief executive officer of Cercius Group, a consulting firm specializing in China’s elite politics, said Tong’s misconduct largely revolved around the 2015 market crash, “considered.” is a kind of ‘financial coup’ against the Xi regime.”

“In late 2015, several senior CSRC officials, including Yao Gang, Tong’s former boss, were demoted and subsequently investigated for their alleged roles in the market crash. stock market in 2015,” Payette said.

“Yao was convicted of bribery and insider trading in September 2018 and sentenced to 18 years in prison. We believe Tong is part of this broader CSRC relationship that has entered the market,” he added.

Officials convicted of corruption receive life sentences or the death penalty, often released within 20 years.

But use the death penalty Financial crimes were unleashed last year when authorities executed Lai Xiaomin, the former chairman of state-controlled financial group Huarong, three weeks after sentencing.

Additional reporting by Cheng Leng in Hong Kong

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