Top Mainland Banker Under Probe For Bribery

"); jQuery("#212 h3").html("

"); });
2019-07-31 HKT 16:46
The mainland's anti-corruption watchdog said on Wednesday it is investigating a former chairman of its top policy bank, the latest official to be ensnared in President Xi Jinping's sweeping campaign against graft.
Hu Huaibang worked his way up the mainland's financial sector, moving between regulatory positions and state-owned companies before landing the top job at the Bank of Communications.
In 2013 he became chairman of China Development Bank and held the position until September of last year.
CDB is one of three banks tasked with funding Beijing's pet projects and supporting Chinese companies abroad and has provided massive financing for Xi's signature Belt and Road global infrastructure project.
The bank had US$2.3 trillion in total assets at the end of 2018 making it one of the largest lenders in the world, according to its annual report.
It is Hu's connection with fallen oil tycoon Ye Jianming, chairman of CEFC China Energy, that appears to have landed him in trouble.
Former Hong Kong minister Patrick Ho is currently in a US prison over his role in a bribery case linked to CEFC.
Last year Ye disappeared and is now believed to be held by mainland authorities for unspecified charges while authorities have begun to sell off parts of the firm.
In Hu's roles at the Bank of Communications and the CDB, he allegedly helped CEFC secure billions in credit lines for its overseas deals.
Hu's alleged involvement in the deals came out in the trial of the fallen party boss of northwest Gansu province who arranged the state support, according to documents and graphics shown by state broadcaster CCTV.
The anti-graft agency said on Wednesday that Hu was suspected of "serious violations of discipline and law", a euphemism that usually means corruption, and was under investigation. (AFP)
Eric Trump To Speak At Bitcoin Asia 2025 In Hong Kong
Eric Trump, the second son of US president Donald Trump, is set to speak at the upcoming Bitcoin Asia 2025 conference i... Read more
Hong Kong Digital Banking Survey Reveals User Concerns And Growth Potential
ECHO ASIA, partnering with students from Global Business Studies, CUHK Business School, announced the release of the H... Read more
InvestHK Attracts HK$160 Billion In 2025, With Fintech As Top Sector
Invest Hong Kong (InvestHK) announced on 7 July 2025 that it supported over 1,300 overseas and Mainland companies in se... Read more
ZhongAn Online Completes US$500M H Share Placement To Fuel Core Insurance Growth
ZhongAn Online P & C Insurance Co., Ltd (Zhong An, HKEX:6060) announced the completion of its H share placement on ... Read more
Beyond KYC: How Technology Is Transforming The Fraud Prevention Game
Digital wallets and cryptocurrencies are two of the most targeted channels for fraud this year, according to SEON’s 2... Read more
2025 Hong Kong Fintech Report: What You Need To Know
Hong Kong is hitting the gas when it comes to fintech innovation, regulation and adoption. From the passage of the Stab... Read more