A top executive at a major Chinese state-backed investment company is under investigation for corruption, the government’s anti-corruption body said today, as an unrelenting crackdown on graft sweeps through the finance sector. — AFP picBEIJING, June 9 — A top executive at a major Chinese state-backed investment company is under investigation for corruption, the government’s anti-corruption body said today, as an unrelenting crackdown on graft sweeps through the finance sector.
Citic Group is a vast state-run investment conglomerate with the equivalent of over US$1.5 trillion in total assets as of last year, according to its official website.Xu, a senior economist with a background in overseas acquisitions and restructuring, has been on the firm’s executive committee since 2019.