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☆ Former Chinese central banker took ‘extraordinarily massive’ bribes, state media says
  + stars: | 2024-01-11 | by ( Michelle Toh | ) edition.cnn.com   time to read: +4 min
Hong Kong CNN —Fan Yifei, a disgraced former Chinese central banker, has admitted making a “huge mistake” in comments aired as part of a documentary by state broadcaster CCTV that alleges he accepted massive bribes from the beginning of his tenure. It described how he had received “extraordinarily massive” payments from executives of various companies in exchange for favors after taking up the PBOC’s second-highest position. “I wanted to possess great power, and at the same time, to be rich,” Fan said in the documentary. “I made a huge mistake.”According to CCTV, Fan accepted payments from businesspeople through his brother’s investment company. In addition to Fan’s case, the CCTV documentary exposed graft at a state-owned energy investment group and at the highest levels of Chinese sport.
Persons: Fan, Xi Jinping, “, Qian Long, Liu Liange, Wang Bin, Tang Shuangning, Tang, Wang Yongsheng, Wang, Li, China’s Organizations: Hong Kong CNN, People’s Bank of China’s, Central Commission, Xinhua, Communist Party, National Supervisory Commission, of China, China Life Insurance, China Everbright, China Development Bank, China Daily, soccer team, China’s Twitter Locations: China, Hong Kong, Xinhua, Weibo
☆ Detained, missing or under investigation: Business leaders in China face an ‘aggressive’ crackdown
  + stars: | 2023-11-10 | by ( Laura He | ) edition.cnn.com   time to read: +7 min
Hong Kong CNN —Business leaders in China are under immense pressure, as the country’s leader Xi Jinping intensifies a regulatory crackdown on companies and strengthens its control of the economy. They face rising risks, including the possibility of police raids and detentions of staff, in the world’s second largest economy. A former banker, he has invested in a series of Chinese companies since 2000 and brought their shares to the public markets in mainland China and Hong Kong. No end in sightThe crackdown this year has spooked the business community in China, but it is not unfamiliar. Xi launched a sweeping regulatory crackdown on the private sector in 2020, which wiped trillions of dollars off the market value of Chinese companies worldwide.
Persons: Xi Jinping, ”, Doug Guthrie, ” Guthrie, Tencent, Chen, Zhao Bingxian, “ China’s Warren Buffett, Zhao, Guthrie, “, Zhou Zheng, Zhou, watchdogs, Zhang Hongli, Bao Fan, Bao, Xi, Kevin Frayer, Mauro Guillen, ” Guillen Organizations: Hong Kong CNN — Business, China Initiatives, Arizona State University’s Thunderbird School of Global Management, CNN, Cyberspace Administration of China, Wohua Pharmaceutical, Central Commission, National Supervisory Commission, COFCO, Industrial, Commercial Bank of, Wharton School, University of Pennsylvania Locations: China, Hong Kong, Communist, Beijing, Arizona, Shenzhen, “ Beijing, DouYu, Shandong, Commercial Bank of China
☆ China Cites Chip Conglomerate’s Former Chief in Corruption Probe
  + stars: | 2023-03-20 | by ( Raffaele Huang | ) www.wsj.com   time to read: 1 min
SINGAPORE—China’s top antigraft watchdog said it uncovered evidence of corruption on the part of the former chairman of chip conglomerate Tsinghua Unigroup Co. and was handing his case over to prosecutors. Zhao Weiguo , 55, was found to have illegally delegated family members and friends to operate Tsinghua Unigroup during his tenure and improperly procured goods and services from companies managed by his associates, China’s National Supervisory Commission said Monday.
☆ Chinese Antigraft Watchdog Lodges Corruption Allegations Against Ex-Head of Chip Conglomerate
  + stars: | 2023-03-20 | by ( Raffaele Huang | ) www.wsj.com   time to read: 1 min
SINGAPORE—China’s top antigraft watchdog leveled corruption allegations against the former chairman of computer-chip conglomerate Tsinghua Unigroup Co. and referred his case to prosecutors. China’s National Supervisory Commission on Monday accused Zhao Weiguo, 55 years old, of improperly buying goods and services from companies managed by his associates and of illegally involving family members and friends in Tsinghua Unigroup’s operations.
☆ Factbox: What is China's new government restructuring plan?
  + stars: | 2023-03-08 | by ( Laurie Chen | ) www.reuters.com   time to read: +5 min
The restructured ministry will be overseen by a newly created Communist Party body, the Central Science and Technology Commission, strengthening party oversight of science and technology policy. A new national data bureau will be responsible for coordinating the sharing and development of data resources, as well as planning the digital economy and promoting initiatives. Since taking power in 2012, Xi has established several new central party committees overseeing multiple ministries, which report directly to him. Analysts expect the party reforms to be revealed soon after the NPC concludes its meetings on Monday. A top-level party financial watchdog, the Central Financial Work Commission, is likely to be resurrected after the NPC, sources earlier told Reuters.
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