Multiple Former ICBC Executives Under Corruption Probe

Since China Renaissance Holdings Ltd. president Cong Lin was taken away by the authorities for investigation in September 2022, an increasing number of people at his former employer Industrial and Commercial Bank of China Ltd. (ICBC) have come under probe.

Cong, 58, a financial veteran with roughly three decades of experience working for state-owned ICBC and its subsidiaries, joined China Renaissance in July 2020 at the invitation of its billionaire founder Bao Fan. Bao, one of the most prominent investment bankers in China, dropped out of sight in February and his company later confirmed that he was assisting the authorities in an investigation.