Caixin
Aug 10, 2022 03:54 AM
BUSINESS

‘Big Fund’ Graft Probe Ensnares Three More Individuals

Yang Zhengfan (left), Liu Yang (right)
Yang Zhengfan (left), Liu Yang (right)

An anti-corruption storm continued sweeping China’s semiconductor industry as investigators targeted three more current and former executives related to the country’s largest industry investment fund.

The nation’s top graft buster announced investigations Tuesday of three senior managers at Sino IC Capital Co. Ltd., which manages the multibillion-dollar China Integrated Circuit Industry Investment Fund. Since July, six current and former executives of the fund and its management firm have been placed under graft probes, along with several others in companies the fund invested in.

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