China probes top exec at state investment firm for corruption

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China Corruption News

China Citic Group,Xu Zuo

BEIJING, 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,...

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.

 

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