Why Key Branch Cadres of ICBC Are Under Investigation as Current Inspection Nears Completion (AI Translation)

工行多家重要分行干部因何被查 本轮巡视进驻渐入尾声

According to the article by Wu Xiaomeng, several key executives at the Industrial and Commercial Bank of China (ICBC) have recently been investigated for serious disciplinary and legal violations. This issue is part of a broader trend of intensified scrutiny within China's banking sector by various governmental and regulatory bodies [para. 1].

The investigation began with Ying Weiyun, the Deputy Branch Manager of ICBC's Beijing Branch, on April 16, 2024. Ying, responsible for personal financial services, had previously worked at various branches, including ICBC Shenzhen, ICBC Asia, and ICBC headquarters. The Central Commission for Discipline Inspection and the National Supervisory Commission confirmed Ying’s investigation for serious disciplinary violations and illegal activities on June 11, 2024, marking a significant internal upheaval at ICBC [para. 2][para. 3][para. 5].

A similar case involved Wu Ningfeng, the former Party Secretary and President of ICBC's Inner Mongolia Branch. Wu, who was already retired, faces disciplinary review and investigation over serious legal violations as reported on July 10, 2024. Details of his wrongdoings have not yet fully emerged [para. 4].

Another notable investigation is that of Xu Yanfeng, Deputy Governor of ICBC's Shanghai Branch. On July 18, 2024, Xu was reported to be suspected of major disciplinary and legal infractions, leading to both a disciplinary review and an investigation by the Xining Municipal Supervisory Commission. Interestingly, Xu had an extensive career at ICBC, serving in key roles including being the President of the ICBC Benxi Branch in Liaoning Province [para. 6][para. 7].

Sources indicate Xu's investigation might be tied to his earlier tenure in Shanghai, particularly around handling financing debts linked to the "Zhongwang Group"—a large aluminum company in China embroiled in financial controversies. Liu Zhongtian, Zhongwang’s founder, was investigated in 2021 for serious illicit activities including bribery and falsification [para. 8][para. 9][para. 10].

Xu's case could also relate to a billion-yuan wealth management scandal at ICBC's Xiangyang branch in Hubei Province. From November 2014 to August 2016, the ICBC Xiangyang branch engaged in fraudulent wealth management practices, misappropriating 13.2 billion yuan raised from three other banks. This scandal is also linked to high-ranking ICBC officials such as Wang Zhibin, former President of the ICBC Hubei Branch, who was investigated for severe rule violations [para. 11][para. 12][para. 13][para. 14][para. 15].

The trend of investigations within ICBC continued with the probe into Wu Ningfeng. He held senior positions at various branches including Ningxia and Shaanxi, and the Inner Mongolia branch. Non-performing loans surged during his leadership in Inner Mongolia around 2014, marking the beginning of tougher scrutiny [para. 16][para. 17].

These investigations are part of broader governmental efforts to root out corruption within China’s banking sector. Not only ICBC but also other leading banks like China Construction Bank (CCB), Agricultural Bank of China (ABC), and Bank of China (BOC) have seen executives investigated for multiple types of violations. This initiative aims to enforce discipline and ensure integrity within the sector [para. 19][para. 20].

Inspectors have largely focused on executives either nearing retirement or already retired, reducing resistance in such exploratory probes. The scrutiny continues as part of the intensified efforts to reign in misconduct and maintain order within China's vast banking system [para. 21].