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Chinese ex-securities regulator handed suspended death sentence

Tong Dauchi, a former Chinese official who worked at the World Bank, received a suspended death sentence for bribery, becoming the last senior Communist Party member to be punished as part of President Xi Jinping’s anti-corruption campaign.

The 54-year-old, who also worked for Rand Corporation, a U.S.-based think tank, was sentenced after allegedly grossing more than $ 41 million in bribery and insider trading.

Tong’s sentence was the latest in a growing number of intersection-targeted cases Between finance and state.

Since 2012, Shai has been targeting “tigers and flies”, or high and low-ranking government officials, On alleged corruption. The attack captured some 2 million officials, including Shai’s political opponents and opponents, as well as legitimate cases of transplantation.

“Between 2004 and 2020, Tong took advantage of various positions he previously held to assist others in matters including company registration, business operations, loans and promotions and received money and goods,” the Shinhua State News Agency reported.

Tong’s alleged crimes included leaking “sensitive stock information to relatives and associates” while working on China’s Securities and Exchange Commission. He confessed and handed over illicit money and property after his arrest.

Central Committee for the Supervision of Discipline, e Chinese Communist PartyThe anti-corruption watchdog, opened last October in an investigation of 25 institutions, including the central bank, the regulator of banks and insurance, stock exchanges and commercial banks. Dozens of officials from state-owned banks, regulators and insurers were defined as interrogees.

The CCDI last month announced an investigation into Sun Gwafeng, the former head of the central bank’s monetary policy department, for “alleged serious breach of party discipline and law.”

Sun, 49, has held numerous positions in the Monetary Policy Department and Research Institute of the People’s Bank of China since 1996, and has taught in the United States, including at Princeton and Stanford universities.

Alex Fayette, CEO of Cercius Group, a consulting firm specializing in elite Chinese politics, said Tong’s actions revolved mainly around the market collapse in 2015, “which was perceived from within as a kind of ‘financial coup’ against the Shi administration.”

“At the end of 2015, several senior CSRC officials, including Tong’s former boss, Yao Gang, were demoted and then transferred for questioning for their alleged role in the 2015 stock market crash,” Fayette said.

“Yao was convicted of bribery and trafficking in inside information in September 2018 and sentenced to 18 years in prison. We believe Tong is part of the broader CSRC link that took part in the market route,” he added.

Officials convicted of corruption who received death sentences or suspended death sentences were usually released within 20 years.

But e Use of the death penalty For financial crimes was deployed last year when authorities executed Lai Shiomin, the former president of the state-run financial group Huarong, three weeks after the sentencing.

Another report by Cheng Leng in Hong Kong

Chinese ex-securities regulator handed suspended death sentence Source link Chinese ex-securities regulator handed suspended death sentence

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