Corruption investigation into former executive of major bank

In a statement issued by the Central Commission for Discipline Inspection (CCDI) of the Communist Party of China (CPC), it was stated that Zhang is being investigated on suspicion of "committing serious violations of laws and party discipline."

The statement did not provide details regarding the allegations, but in such investigations, terms like "illegal behavior" and "violation of party discipline" generally point to suspicion or charges of corruption.

Known as an executive with international business experience, 58-year-old Zhang had worked at the American technology company Hewlett Packard, the British firm Schroders, the American firm Goldman Sachs, and the German Deutsche Bank before joining ICBC.

Zhang, who served at ICBC between 2010 and 2018, became the latest high-level executive targeted in the corruption investigations that have been ongoing in China's financial sector since 2021.

This year, corruption investigations were launched into Shen Rengang, former Chairman of the Board of Zheshang Bank, on February 7; Liu Liange, former Chairman of the Board of the Bank of China, on March 31; and Xing Benxiu, former Vice Chairman of the Board of Minsheng Bank, on May 13.

It is noteworthy that following the change in the CCDI leadership at the CPC's National Congress in October 2022, corruption investigations have extended to major state-owned banks and sovereign wealth funds.

CORRUPTION INVESTIGATIONS

The fight against corruption has been one of the issues President and CPC General Secretary Xi Jinping has prioritized most during his 10-year tenure, during which dozens of high-level officials have been removed from office through corruption investigations.

In his speech at the opening of the CPC National Congress, Xi signaled that party cadres with ties to the business world would be severely punished and that corruption investigations would continue.

In his speech, Xi Jinping stated, "We must put a stop to party cadres in prominent positions becoming spokespeople and agents for interest groups and powerful factions, and colluding with the business world."

News Source: AA