Former Haitong Executive in Crime Probe Arrested After Fleeing to Laos

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Jiang Chengjun, a former deputy general manager of Haitong, was apprehended aboard and extradited to China

A former executive at Haitong Securities Co. Ltd. who is under investigation for alleged duty related crimes has been held after fleeing overseas, the country’s top graft buster said Wednesday.

Jiang Chengjun, a former deputy general manager of Haitong, was apprehended abroad and extradited to China under the coordinated law enforcement efforts, the Central Commission for Discipline Inspection (CCDI) said.

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Former Haitong Securities deputy general manager Jiang Chengjun was arrested in Laos and extradited to China for alleged embezzlement.
Jiang’s arrest followed his disappearance in late July and a subsequent investigation by Chinese authorities in August.
Haitong Securities, dealing with compliance issues, reported a significant drop in net profit (69%-76% year-on-year) due to market volatility and tightened regulatory oversight.

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Who’s Who

Haitong Securities Co. Ltd.: Haitong Securities Co. Ltd. is a major securities company in China, particularly involved in investment banking. It has faced compliance issues recently, receiving around 10 regulatory penalties this year from the China Securities Regulatory Commission (CSRC). The firm’s recent performance has been under pressure, with a significant drop in net profit due to market volatility and decreased equity financing. The company was further impacted by allegations of embezzlement and the investigation of former deputy general manager Jiang Chengjun.

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What Happened When

Last weekend of July 2024：: Jiang Chengjun likely fled China.

July 31, 2024：: Haitong said that Jiang had resigned as a deputy general manager 'due to personal reasons.'

August 2024：: Authorities launched an investigation into Jiang Chengjun.

Wednesday, August 28, 2024：: The Central Commission for Discipline Inspection (CCDI) announced that Jiang Chengjun was held and under investigation for alleged duty-related crimes.

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