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Rumors of Graft Probe Swirl Around Three Bank of Nanjing Executives

By Zhu Liangtao, Zhang Yuzhe and Leng Cheng / Feb 20, 2019 05:07 PM / Finance

Photo: VCG

Photo: VCG

Local lender Bank of Nanjing confirmed Wednesday that three of its executives are unable to perform their duties, amid rumors that they are being questioned by authorities in the latest crackdown on corruption in the financial industry.

Dai Juan, general manager of the lender’s asset management business center, Dong Wenzhao, vice general manager of its capital operation center, and Li Yan, vice general manager of investment arm Xinyuan Asset Management Co., Ltd, are “unable to perform their usual duties due to personal reasons,” Bank of Nanjing said in a statement on its website. It added that the operation of the bank and Xinyuan Asset Management is not affected, without elaborating.

Sources told Caixin that the trio have been put under investigation by the Communist Party’s anti-corruption watchdog in the eastern city of Nanjing since Friday. Some bond market observers suspected they were probably involved in illegally funneling benefits to government officials or other people through the sales of structured financial products.

Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, and Li Xinran, the agency’s top graft-buster, both vowed in January to broaden the crackdown on corruption in the financial industry this year. Guo at the time pledged both “strong supervision and strong regulation” to “firmly prevent pernicious corruption” and called for the industry to learn from the graft case of Lai Xiaomin, the fallen head of one of China’s largest bad-asset managers.

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