Jun 25, 2024 07:13 PM

Ex-Provincial Head of Top Finance Regulator Caught in Graft Probe

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Li Huatao, a former director of the National Financial Regulatory Administration's branch in Guizhou. Photo: File photo

Li Huatao, a former director of the National Financial Regulatory Administration’s (NFRA) branch in Guizhou province, is one of the latest officials to be ensnared by China’s ongoing clampdown on corruption among financial overseers.

The 60-year-old, who retired last month, is being investigated for suspected serious violations of law and Communist Party discipline — a common euphemism for corruption — China’s top graft-buster announced on Friday.

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Li Huatao, former NFRA Guizhou director, is under investigation for serious law and party violations, indicating corruption.
Li's career included leading the Guizhou CBRC branch and later the CBIRC, which restructured into the NFRA.
Ongoing anti-corruption probes in financial oversight recently targeted multiple NFRA officials, including Ren Chunsheng and Zhao Dongsheng.

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Who’s Who

Bank of Guizhou Co. Ltd.: Bank of Guizhou Co. Ltd. is a Hong Kong-listed bank that has come under scrutiny recently, with two former top executives being investigated by local graft investigators. Li Huatao oversaw the bank during his tenure as the director of the Guizhou branch of financial regulatory bodies, including the now-defunct China Banking and Insurance Regulatory Commission (CBIRC).

China Insurance Investment Co. Ltd.: China Insurance Investment Co. Ltd. was chaired by Ren Chunsheng, who is currently under investigation. The controversies leading to the investigation may relate to his tenure at this company and his previous position in the insurance funds investment supervision department at the then-insurance regulator. Specific details on the company's activities are not provided in the article.

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What Happened When

2016：: Li Huatao worked as director of the Guizhou branch of the China Banking Regulatory Commission (CBRC).

2018：: The CBRC was merged with the insurance watchdog to form the China Banking and Insurance Regulatory Commission (CBIRC).

2023：: The National Financial Regulatory Administration (NFRA) was established.

April 2024：: China’s top anti-graft watchdog launched an inspection at the NFRA.

May 2024：: Li Huatao retired and was succeeded by Hong Xiaoping.

May 2024：: Ren Chunsheng was placed under investigation.

May 2024：: Zhao Dongsheng was put under investigation.

2024-06-21：: China’s top graft-buster announced that Li Huatao is being investigated for suspected serious violations of law and Communist Party discipline.

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