Former Chief Securities Regulator Put Under Investigation
Former China Securities Regulatory Commission (CSRC) Chief Liu Shiyu has turned himself in while being put under corruption investigation.
Liu has been placed under investigation on suspicion of “violations of laws and discipline,” the Communist Party’s Central Commission for Discipline Inspection (CCDI) announced in a statement Sunday night, without elaborating.
Liu, who was named deputy party secretary of the All-China Federation of Supply and Marketing Cooperatives (China Co-Op) in January, is assisting the CCDI’s probe after turning himself in, the CCDI said.
The China Co-Op manages major agricultural goods nationwide and has expanded into the financing business.
Liu served as the CSRC’s head between February 2016 and January 2019.
For a while, there have been rumors that Liu was under investigation. Sources said Liu was summoned to talk with authorities in late April. However, he still appeared at a meeting on May 5 to commemorate the 100th anniversary of a youth movement.
His last public appearance took place on May 13, when he met with an official counterpart from Vietnam.
During his three years at the CSRC, Liu was best known for his iron hand in cracking down on “capital market crocodiles” that preyed on small investors. He was also known for alleviating the backlog in companies applying for initial public offerings.
Contact reporter Wu Gang (firstname.lastname@example.org)
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