Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

TRENDING
Opinion: No, China Isn’t Waiting Out Trump for a Better Trade Deal
Shanghai Paves the Road for Autonomous Vehicles
China’s Internet Safety Week Begins With Alarming Report on Data Privacy
LATEST
Electric Car Battery-Maker Farasis Seeks IPO Cash to Offset Sputtering Sales
Foxconn Founder Terry Gou Abandons Taiwan Leadership Bid
Shenzhen to Make All New Ride-Hailing Vehicles Fully Electric
Suning.com to Open More Than 200 In-Carrefour Stores by September
Experts: Huawei’s Offer to License 5G Technologies a ‘Smart PR Move’
Shanghai Paves the Road for Autonomous Vehicles
Provincial Party Chief Calls On Xiongan to Become Tech Powerhouse
What Tepid Reception? JD.com Notches Turbocharged iPhone 11 Preorders
China’s Internet Safety Week Begins With Alarming Report on Data Privacy
Opinion: No, China Isn’t Waiting Out Trump for a Better Trade Deal
In Depth: Is China’s Animation Industry Ready to Take Off?
Uber-Like Truck-Rental Startup Mulls IPO After Breaking Even
China Evergrande Plans to Build Electric Cars, Batteries in Qingdao
Terry Gou-Backed LCD Panel Plant Seeks Cash Injection
Self-Driving Taxi Industry to Hit Key Inflection Point Next Year, Insider Says
Video App Kuaishou Mulls U.S. IPO, Raises Funds at $25 Billion Valuation
London Stock Exchange Bid in the Works For Long Time: HKEx Chairwoman
Chinese Investors React Coolly to Signs of Easing Trade Tensions
Kweichow Moutai Toasts Long-Term Partnership With Chinese Genomics Giant
After Opening Gates to Outside Food, Disney Clarifies What Is and Isn’t Allowed
Top Manager of Tianjin Trust Company Under Probe

By Han Wei / Jun 05, 2019 04:03 AM / Finance

Photo: VCG

Photo: VCG

Bao Lijie, general manager and deputy party chief of Tianjin-based Northern International Trust Co., has been placed under investigation on suspicion of “severe violation in law and discipline,” the Communist Party’s top graft buster said in a brief statement Tuesday.

The watchdog didn’t elaborate on the investigation of Bao, but the phrase often refers to corruption.

Bao, 47, became the general manager of Northern International Trust in 2015 after more than a decade at the company. Established in 1994, Northern International Trust is backed by private investors including Rizhao Steel Holdings Group and Shanghai Zhongtong Ruide Investment Group.

In 2016, Northern International Trust was among a group of financial institutions in the port city hit by the debt crisis of Bohai Steel Group, a Tianjin government-backed steel maker that defaulted on $36 billion of debt. Northern International Trust’s exposure to the now bankrupt Bohai Steel is reportedly more than 1 billion yuan ($144 million).

Last week, the graft watchdog announced an investigation of Yan Zesheng, deputy party secretary and general manager of Bohai Steel, the first probe into the company’s management after its collapse.

Related: Bohai Steel Chief Comes Under Graft Investigation

Share this article
Open WeChat and scan the QR code