China’s Citic Group Corp Executive Probed For Suspected Corruption

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Citic Group signage is displayed at an exhibition in Shanghai on July 6, 2023. Photo: VCG

What’s new: A deputy general manager of Citic Group Corp., a large state-owned financial conglomerate, has fallen under a corruption probe by the country’s top graft busters.

Xu Zuo, also a member of the group’s Party committee, is being investigated for suspected “serious violations of discipline and law,” according to a Sunday statement from the Central Commission for Discipline Inspection. The phrase is a common euphemism for corruption.

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A deputy general manager of Citic Group Corp., Xu Zuo, is under investigation for suspected corruption.
Citic Group is a top financial conglomerate with total assets of 11.33 trillion yuan as of late 2023 and ranked 100th on the Fortune Global 500.
Xu Zuo has been with Citic Ltd. since 2019 and has a background in automotive parts manufacturing.

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Who’s Who

Citic Group Corp.: Citic Group Corp. is a large state-owned financial conglomerate, ranking 100th on the Fortune Global 500 in 2023. With over 310,000 employees worldwide, it led a multibillion-dollar bailout of China Huarong Asset Management Co. Ltd. Citic Ltd., its Hong Kong-listed subsidiary, is a major constituent of the Hang Seng Index with assets totaling 11.33 trillion yuan ($1.56 trillion) by the end of 2023.

Citic Ltd.: Citic Ltd. is the Hong Kong-listed subsidiary of Citic Group Corp., a large state-owned financial conglomerate. Since 2019, Xu Zuo has served as its vice president and executive committee member. The company is a major component of the Hang Seng Index with total assets of 11.33 trillion yuan ($1.56 trillion) as of the end of 2023.

Bohai Aluminium Co., Ltd.: Bohai Aluminium Co., Ltd. is a company where Xu Zuo started his career in 1987. It specializes in automotive parts manufacturing. Xu's extensive experience in the industry began at this company before he moved on to various leadership roles, including serving as chairman of the supervisory and advisory board meeting of KSM Castings Group GmbH in Germany.

KSM Castings Group GmbH: KSM Castings Group GmbH is a leading automotive supplier based in Germany. Xu Zuo, the deputy general manager of Citic Group Corp., once served as chairman of its supervisory and advisory board.

China Huarong Asset Management Co. Ltd.: China Huarong Asset Management Co. Ltd. is one of China's "Big Four" state-owned bad-debt managers. Citic Group, a large financial conglomerate, led a multibillion-dollar bailout for the company.

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What Happened When

1987：: Xu Zuo started his career in Bohai Aluminium Co., Ltd.

2019：: Xu Zuo became vice president and a member of the executive committee of Citic Ltd.

2023：: Citic Group ranked 100th on the Fortune’s Global 500.

End of 2023：: Citic Ltd. reported total assets of 11.33 trillion yuan ($1.56 trillion).

June 9, 2024：: The Central Commission for Discipline Inspection announced that Xu Zuo is being investigated for suspected 'serious violations of discipline and law.'

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