Former ICBC Asset Management Chief Charged With Embezzlement, Bribery

What’s new: Gu Jiangang, a former head of Industrial and Commercial Bank of China Ltd.’s (ICBC) (中国工商银行股份有限公司) (601398.SH) asset management department, has been charged with embezzlement and taking bribes, China’s top prosecutor announced on Sunday.

Prosecutors in the northwestern province of Gansu accused Gu of using his power and influence in various positions at ICBC to embezzle “huge sums” from the bank, and helping companies or individuals with listings, fundraising and project contracting in exchange for “enormous amounts” of bribes, according to the announcement.