Caixin
Jul 20, 2020 07:33 PM
FINANCE

Senior Managers at Rural Credit Union Under Investigation as Scandal Bites

What’s new: A former president and two former vice presidents of Shanxi Rural Credit Union were put under investigation by the top anti-graft agency in the northern province on suspicion of serious violations of law and Communist Party discipline, according to an official statement (link in Chinese) on Saturday.

Jing Hui (link in Chinese), a former head of Shanxi’s provincial financial supervision administration, and Zhang Anshun (link in Chinese), a former head of the China Banking and Insurance Regulatory Commission’s Shanxi provincial branch, were also put under investigation, according to official statements released Sunday and Monday.

What’s the background: The rural banking institution has been caught in a major scandal as tens of billions of yuan was lost due to embezzlement of loans and other illegal activities, sources familiar with the matter have told Caixin. Authorities started to investigate the case a while ago, they said.

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: Rural Bank Targeted in Regulator’s Crackdown on Risk

Contact reporter Guo Yingzhe (yingzheguo@caixin.com) and editor Marcus Ryder (marcusryder@caixin.com)

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