May 30, 2024 07:59 PM
FINANCE
China Investigates Two More Ex-Financial Overseers for Corruption
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Zhao Dongsheng (left) , Li Shiqian.
China’s crackdown on corruption among financial overseers has ensnared two former officials, who sources say possibly used their influence gained from working in the banking and insurance regulatory system to do business.
Zhao Dongsheng, a former inspector at the Qingdao office of the now-defunct China Banking and Insurance Regulatory Commission (CBIRC), is being probed for suspected “severe violations of (Communist Party) discipline and law,” the country’s top anti-graft watchdog announced last week. The term for the allegations is official jargon for corruption.
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- China is probing former CBIRC officials Zhao Dongsheng and Li Shiqian for suspected corruption, linked to their business activities while in office.
- Zhao, 61, had a long career in insurance regulation and held various positions before leaving in 2022, possibly engaging in business during his final years.
- Li, 55, joined Huatai Securities post-2019 with a high salary; his investigation ties to former colleague Zhang Jinsong, who exposed him for leniency.
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Who’s Who
- China Life Insurance Co. Ltd.
- China Life Insurance Co. Ltd. is a significant player in the Chinese insurance market. Zhao Dongsheng, one of the officials under investigation for corruption, gained early career experience at branches of this company in Qingdao, East China’s Shandong province. This experience contributed to his extensive background in insurance and insurance regulation.
- The People’s Insurance Co. (Group) of China Ltd.
- The People’s Insurance Co. (Group) of China Ltd. is one of the companies where Zhao Dongsheng gained early career experience. It is presumably an insurance organization operating in China, with branches in Qingdao, East China's Shandong province.
- Huatai Securities Co. Ltd.
- Huatai Securities Co. Ltd. is a financial services company. Li Shiqian, a former inspector at the CBIRC and later a member of its executive committee, was reported to have earned an annual salary in the millions of yuan at Huatai. His involvement with the company raised suspicions, particularly regarding his activities related to city commercial banks, which he previously oversaw.
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What Happened When
- 2001：
- Zhao Dongsheng joined the insurance regulatory system, holding various positions in local offices of the now-defunct China Insurance Regulatory Commission in Shandong.
- 2009：
- Zhao Dongsheng became deputy director of the regulator’s Shanxi provincial office.
- 2018：
- The insurance regulator was merged with its banking counterpart to form the CBIRC. Zhao Dongsheng returned to Shandong to serve as deputy director of the new regulator’s provincial office.
- By December 2019：
- Li Shiqian was appointed a member of Huatai Securities Co. Ltd.’ executive committee, pending regulatory approval.
- March 2020：
- Li Shiqian assumed the position of member of Huatai Securities Co. Ltd.’ executive committee.
- 2021：
- Zhao Dongsheng appeared at a press briefing as an inspector at the CBIRC’s Shandong provincial office.
- 2022：
- Zhao Dongsheng held the position of inspector at the CBIRC’s city office in Qingdao.
- 2023：
- Zhao Dongsheng left his position as inspector at the CBIRC’s city office in Qingdao.
- March 2024：
- The probes into Li Shiqian and Zhang Jinsong were announced. Zhang Jinsong exposed Li Shiqian in exchange for leniency.
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