Executive at ICBC’s Beijing Branch Investigated for Suspected Graft

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Ying Weiyun. Photo: file photo

An executive of Industrial and Commercial Bank of China Ltd. (ICBC) (601398.SH) (中国工商银行股份有限公司) has been placed under a corruption probe, as the government presses on with its anti-graft campaign in the finance industry.

Ying Weiyun, a vice president of ICBC’s Beijing branch, is being investigated for suspected “severe violations of (Communist Party) discipline and law,” China’s top anti-graft watchdog announced Tuesday. The term is official jargon for corruption.

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Ying Weiyun, vice president of ICBC’s Beijing branch, is under investigation for suspected corruption.
The probe is likely linked to Li Weiping, a former ICBC personal finance department head, jailed for over 10 years for misconduct.
ICBC, Ying’s employer and the world's largest bank by assets, is involved in China's ongoing anti-graft campaign in the finance sector.

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Who’s Who

Industrial and Commercial Bank of China Ltd.: Industrial and Commercial Bank of China Ltd. (ICBC) is the world's largest bank by assets. It has a significant presence in China with branches like the Beijing branch, which leads in assets, deposits, and profitability. Founded in the 2000s, ICBC has a vast range of services, including personal and investment banking. Its Beijing branch alone has assets exceeding $843 billion. The bank has faced corruption probes involving high-ranking executives.

Industrial and Commercial Bank of China (Asia) Ltd.: Industrial and Commercial Bank of China (Asia) Ltd. is the Hong Kong-based subsidiary of ICBC. Ying Weiyun transferred there in 2009 and held several positions, including assistant chief executive. The subsidiary operates as a crucial part of ICBC's international strategy in Asia, focusing on providing various financial services in the region.

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What Happened When

February 2023：: The Central Commission for Discipline Inspection (CCDI) announced a graft investigation into Li Weiping.

August 2023：: CCDI announced Li Weiping was expelled from the party for misconduct.

Around December 2023：: Li Weiping was sentenced to more than 10 years in prison.

Around Friday, June 7, 2024：: Ying Weiyun was taken away by authorities.

Tuesday, June 11, 2024：: China’s top anti-graft watchdog announced the investigation into Ying Weiyun for suspected severe violations of discipline and law.

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