Fallen Chinese Banker Names Associates to Reduce Sentence
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Several former financial sector officials and executives who fell under corruption probes in recent years were fingered by Zhang Changgong, a fallen banker who named associates in an effort to reduce his potential punishment for corruption, sources with knowledge of the matter told Caixin.
An investigation against Zhang, who held executive roles at major joint-stock banks China Zheshang Bank Co. Ltd. (601916.SH) and Industrial Bank Co. Ltd. (601166.SH), found that he embezzled more than 600 million yuan ($84 million) of public funds and accepted around 300 million yuan in bribes, according to a source familiar with the investigation.
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- Zhang Changgong, a former banking executive, was found to have embezzled over 600 million yuan and accepted 300 million yuan in bribes; he named high-profile associates involved in corruption to seek leniency.
- Key figures named by Zhang include Shen Renkang, Zhu Congjiu, Li Quan, and Han Yi, all linked with corruption probes and misconduct.
- Zhang may receive a death sentence with a reprieve, with potential for sentence reduction post-reprieve; he was investigated in September 2021.
- China Zheshang Bank Co. Ltd.
- China Zheshang Bank Co. Ltd. is a major joint-stock bank where Zhang Changgong served as vice president from 2015. Known for aggressive expansion, the bank's former chairman, Shen Renkang, held the position from 2014 to 2022 and was involved in a corruption probe in 2023. The bank is associated with high-profile figures implicated in corruption scandals following Zhang's investigation.
- Industrial Bank Co. Ltd.
- Industrial Bank Co. Ltd. (601166.SH) is a major joint-stock bank in China where Zhang Changgong held executive roles. Zhang joined Industrial Bank in 1997 and led its branches in Guangzhou, Nanjing, and Hangzhou before moving to other positions. The bank has been involved in financial sector activities, although the article mainly focuses on Zhang's corruption case and does not elaborate much on the bank's current operations or status.
- New China Life Insurance Co. Ltd.
- Li Quan, the former chairman of New China Life Insurance Co. Ltd., became unreachable in late March and was later expelled from the Communist Party for corruption. In October, Li was arrested on charges of suspected bribery and embezzlement, as part of a broader corruption probe involving financial sector figures linked to Zhang Changgong.
- 1997：
- Zhang joined Industrial Bank and later headed its branches in Guangzhou, Nanjing and Hangzhou.
- 2012：
- Zhu left the CSRC for a senior position in the Zhejiang provincial government.
- 2014：
- Shen was appointed Zheshang Bank chairman.
- 2015：
- Zhang assumed the role of vice president at Zheshang Bank.
- 2018：
- Zhang stepped down as vice president at Zheshang Bank.
- 2019：
- Zhang was appointed Communist Party committee chief of a regional bank in Guangdong.
- 2021：
- Han fell under a corruption probe.
- By September 2021：
- Zhang was taken away by authorities for investigation.
- 2023：
- Shen and Zhu fell under corruption probes.
- Late March 2024：
- Li became unreachable.
- September 2024：
- China's top graft-buster announced that Li was expelled from the party for corruption.
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