Executive at China Bad-Debt Manager Taken Away by Authorities
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Yang Yi, a vice president at China Citic Financial Asset Management, has been unreachable, people familiar with the matter told Caixin.
A senior executive at one of China’s largest state-owned bad-debt managers has been taken away by the authorities, people familiar with the matter told Caixin, as anti-corruption scrutiny intensifies in China’s financial sector.
Yang Yi, a vice president at China Citic Financial Asset Management Co. Ltd., has been unreachable for more than two weeks, the sources told Caixin in mid-May.
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- Yang Yi, vice president at state-owned Citic AMC, has been unreachable for over two weeks amid financial sector anti-corruption scrutiny.
- His disappearance is likely tied to his 15-year career at Citic Bank in Zhejiang, or financing arrangements for struggling Zhejiang companies.
- Coincides with former Zhejiang state assets official Dong Guibo surrendering to anti-graft authorities on May 29.
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Who’s Who
- China Citic Financial Asset Management Co. Ltd.
- China Citic Financial Asset Management Co. Ltd. (formerly China Huarong Asset Management) is one of China's four state-owned bad-debt managers, created after the Asian financial crisis. It was brought under Citic Group following a corruption scandal. The company formally adopted its current name in January 2024.
- China Citic Bank Corp. Ltd.
- China Citic Bank Corp. Ltd., a subsidiary of Citic Group, is a major commercial bank. The article notes that Yang Yi worked there for over 15 years in Zhejiang province before joining Citic Financial Asset Management. No further details are provided in the article.
- Agricultural Bank of China Ltd.
- Agricultural Bank of China Ltd. is a Chinese state-owned bank. According to the article, Yang Yi started his banking career there in 2006 before moving to China Citic Bank in 2008. No other details about the bank are provided in the text.
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What Happened When
- 2006：
- Yang Yi started his banking career at Agricultural Bank of China Ltd.
- 2008：
- Yang Yi joined China Citic Bank Corp. Ltd.
- July 2023：
- Wu Xuewen was sentenced to 13 years in prison for bribery and illegally granting loans.
- August 2022：
- Yang Yi's predecessor at Citic Bank's Ningbo branch, Wu Xuewen, was placed under investigation.
- 2023：
- Yang Yi became the head of Citic Bank's Ningbo branch.
- January 2024：
- China Huarong Asset Management Co. Ltd. formally adopted its current name, China Citic Financial Asset Management Co. Ltd.
- November 2024：
- Yang Yi was appointed as a vice president at China Citic Financial Asset Management Co. Ltd.
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