Caixin
Jun 30, 2020 05:55 PM
FINANCE

Exclusive: Scandal-Plagued Huarong Appoints New Anti-Graft Head

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What’s New: Scandal-plagued state-owned asset manager China Huarong Asset Management Co. Ltd. has welcomed veteran regulatory official Pang Xuefeng as the new head for its discipline inspection commission, sources familiar with the matter told Caixin.

Pang, 48, was previously a deputy head of the nonbank financial institution supervision bureau of the China Banking and Insurance Regulatory Commission (CBIRC).

The background: Pang’s predecessor, Wu Jinglong, left Huarong this month for a new role at the Insurance Association of China, a self-regulatory industry organization.

In May 2018, the CBIRC appointed Wu as Huarong’s then anti-graft head in a move to bring Huarong back to a healthy development track. The company had been rattled by regulators’ graft investigations surrounding former Chairman Lai Xiaoming earlier that year. Wu previously served as the anti-graft chief at the CBIRC’s Guangdong provincial branch.

Quick Takes are condensed versions of China-related stories for fast news you can use. To read the full Caixin article in Chinese, click here.

Related: In Depth: Bad Business at a ‘Bad Bank’

Contact reporter Tang Ziyi (ziyitang@caixin.com) and editor Marcus Ryder (marcusryder@caixin.com)

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