Former CSRC Inspection Leader Faces Prosecution for Corruption
What’s new: Mao Bihua, former party secretary and director of the Chongqing Supervision Bureau of the China Securities Regulatory Commission (CSRC), was ousted from public service and the Communist Party for corruption, the country’s top graft buster and the CSRC said.
An investigation by the Central Commission for Discipline Inspection of the Communist Party found that Mao designed and colluded in schemes to conceal a “huge amount” of bribes collected during his career. He also violated quarantine rules during the Covid-19 pandemic to travel and frequently join banquets paid for by companies he regulated, the graft buster said.
The inspectors didn’t disclose the amount of bribes he received, saying the case has been referred to prosecutors. Sources told Caixin that authorities raiding Mao’s home found a large collection of expensive Moutai liquor. Another source said a business owner gave him 20 kilograms of gold, which would have a present value of $1.2 million.
The background: Mao, 53, graduated from Peking University and joined the CSRC in 1996. He led the inspection team between 2012 and 2015 with responsibility for investigating allegations of insider transactions, fraud and stock market manipulation. He was later transferred to the Chongqing Supervision Bureau.
Under Mao, the CSRC’s inspection office cracked down on a series of high-profile cases, such as several initial public offerings sponsored by Everbright Securities that were found to be fraudulent.
Mao became the third fallen official of the CSRC’s inspection team. His predecessor, Ouyang Jiansheng, was sentenced to seven years in prison. Xi Longsheng, former vice director of the inspection team, was also sentenced to prison.
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