Caixin
Nov 24, 2021 06:55 PM
FINANCE

Former Chief of State-Owned Huishang Bank Booted From Communist Party After Graft Probe

What’s new: Dai Hedi, a former chair of Hong Kong-listed Huishang Bank Corp. Ltd., was expelled from the Communist Party for alleged corruption, according to a statement (link in Chinese) released by the anti-graft agency in Anhui province on Sunday.

Dai, 69, served as the party secretary and chair of Huishang between 2005 and 2008. She retired in 2013.

According to the statement, Dai was accused of taking bribes and abusing her power to seek benefits for others in terms of financing.

The background: Huishang nursed heavy losses from its interbank transactions with Baoshang Bank Co. Ltd., the first Chinese commercial bank to go bust in decades. It is also one of the recipients of Baoshang’s remaining assets.

Dai has been under investigation for several months, sources closed to Huishang told Caixin. Her case came to light when anti-graft regulators were investigating the case of Xia Min, a former assistant president of the bank, the sources said.

Xia, who fell under investigation in January, previously oversaw Huishang’s interbank investment business with Baoshang, people with knowledge of the issue said.

Related: Huishang Bank Senior Executive Probed for Suspected Links to Baoshang Bank, Sources Say

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

Contact reporter Tang Ziyi (ziyitang@caixin.com) and editor Heather Mowbray (heathermowbray@caixin.com)

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