Ex-Vice President of Agricultural Bank Under Graft Probe

Lou Wenlong, aged 66 and a former vice president of the Agricultural Bank of China, has come under investigation by China's top disciplinary body, the Central Commission for Discipline Inspection (CCDI), for "serious violations in law and discipline," a term usually indicative of corruption [para. 1]. Concurrently, Lou Wenlong's son, Lou Jie, who serves as the board secretary of CZB Financial Leasing Co. Ltd., was also taken into custody by authorities [para. 3].

Lou Wenlong has had a notable career in the banking sector. He was vice president at the Agricultural Bank from 2012 to 2017, a role in which he managed assets and liabilities, addressed non-performing loans, and focused on agriculture-related businesses [para. 4]. His resignation from the bank in April 2017 took the industry by surprise, and he has kept a relatively low profile since then [para. 4]. Prior to his tenure at the Agricultural Bank, Lou was an experienced banking regulator, having served at the central bank and the former China Banking Regulatory Commission [para. 5].

Lou Wenlong's investigation marks the first case involving a former senior executive at a major financial institution since the government initiated a new round of disciplinary inspections targeting government departments and state-run financial institutions [para. 6]. The inspections, which began in early April, encompass 34 entities, including central government ministries, the central bank, major state-owned banks and insurers, and policy lenders [para. 7].

This crackdown on corruption in China's financial sector is in full swing, evidenced by several recent high-profile cases. For instance, Zhang Hongli, a former senior executive vice president of the Industrial and Commercial Bank of China Ltd. (ICBC), was arrested on bribery charges after being investigated in November and subsequently expelled from the Communist Party [para. 8]. Earlier in the month, another ICBC executive, An Liyan, was expelled from the party following a similar corruption probe [para. 9]. Additionally, An Qingsong, the former chairman and party committee chief of the China Futures Association, was expelled from both the party and public office after an investigation revealed his misconduct [para. 10].

Thus, the ongoing disciplinary inspections and anti-corruption efforts in China's financial sector demonstrate a significant push towards greater accountability and integrity within the industry [para. 7][para. 8][para. 10].