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Scandal-Ridden Huarong Gets New Anti-Graft Chief

Beijing-based Huarong, established in 1999, is now China’s largest state-backed manager of bad assets, based on size of assets. Photo: VCG
Beijing-based Huarong, established in 1999, is now China’s largest state-backed manager of bad assets, based on size of assets. Photo: VCG

Veteran anti-graft official Wu Jinglong was named head of the discipline inspection commission at China Huarong Asset Management Co. in the latest top leadership shuffle following investigations rattling the country’s biggest state-owned manager of distressed assets.

The China Banking and Insurance Regulatory Commission (CBIRC), the top industry regulator, named Wu to the post last week in a move to “bring Huarong back to the healthy development track,” according to Li Xinran, the anti-graft chief of the CBIRC.

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