Former Chinese Banker Likely Probed for ‘Revolving Door’ Corruption, Sources Say

Tong Wentao, a former deputy general manager at China Construction Bank Corp. (CCB), is under investigation by the Central Commission for Discipline Inspection (CCDI) for potential corruption linked to his post-CCB career moves [para. 1][para. 2]. After leaving CCB in 2018, where he had built significant local business connections over more than two decades, Tong joined a privately owned property developer, likely leveraging his influence and connections from his time at the bank [para. 3][para. 4].

The investigation focuses on whether Tong used his former position to secure credit facilities for the private company he joined after leaving CCB. This practice, known as the public-private "revolving door," involves former state employees using their past official roles to benefit private sector employers in exchange for lucrative compensation packages [para. 2][para. 3]. Tong's role at CCB involved significant responsibilities in credit approval and asset management, which could have facilitated such influence [para. 5].

Upon joining the Hong Kong-listed Fusheng Group Co. Ltd as an executive director and CEO, Tong was part of a strategy that included hiring multiple former bank executives to help secure credit during a period of liquidity shortage for Fusheng. His compensation package included an annual salary of HK$438,000 ($55,954) along with bonuses [para. 6][para. 7].

Despite attempts to mitigate repercussions by returning the relocation allowance he received from Fusheng as the crackdown on revolving-door hiring practices intensified, Tong could not avoid scrutiny from anti-corruption authorities. His case reflects broader efforts by Chinese regulators to curb corruption and misconduct involving state-owned enterprise executives who transition into high-paying roles in the private sector [para. 8][para. 9].

This situation mirrors another case involving Huang Xi, another former CCB executive caught in a similar probe after moving to Tahoe Group Co. Ltd., highlighting systemic issues related to revolving-door practices within China’s banking sector and beyond [para. 10].