Li is accused of serious violations, including severe breaches of Communist Party discipline and abuse of power, following an investigation by the National Supervisory Commission that concluded in late September.
Li is accused of ignoring regulations by accepting invitations that could compromise his impartiality, breaching organisational principles to benefit others in hiring processes, and profiting from inappropriate financial activities through his position at a state-owned enterprise.
Li was expelled from the Communist Party and his illegal gains have been confiscated, according to the statement.
Who Is Li Quan - Born in 1963, Li held various senior roles in the financial sector after obtaining a master’s degree in economics from the People’s Bank of China Graduate School in 1988.
From 1988 to 1990, he served as a business manager in the banking department of China Rural Trust and Investment Corporation. Between 1991 and 1998, he worked at Charoen Pokphand International Finance Co, where he held positions including general manager of the funding department and assistant general manager.
He spent 12 years at Bosera Asset Management Co before moving to NCL in 2010. At NCL, he took charge of the asset management branch, according to mainland media outlet Caixin.
In 2019, Li became president of NCL in charge of day-to-day operations. He was appointed chairman in 2022. However, he abruptly resigned in August 2023, citing age-related reasons, just before the allegations surfaced.
Crackdown On Systemic Corruption - Li’s case is part of a broader crackdown on systemic corruption within China’s financial sector over the past few years, which has seen a handful of senior officials ensnared in similar scandals.
In 2022, the Central Commission for Discipline Inspection (CCDI), China’s top anti-corruption watchdog, published a report that listed “relying on finance to exploit finance” as one of six major problems found during an inspection tour of 25 financial institutions.
The phrase “relying on finance to exploit finance” describes unethical practices by financial sector professionals or institutions who leverage their status for personal gain through illegal activities. This behavior, characterized by rent-seeking and irregular operations, undermines the fairness and development of financial markets.
The CCDI report identified integrity risks – and credit risks in particular – in several Chinese financial institutions, including China Development Bank, Agricultural Bank of China, and Industrial and Commercial Bank of China.
On Thursday, former central bank deputy Fan Yifei was sentenced to death with a two-year reprieve for bribery. He was found guilty of illegally accepting gifts and property worth over 386 million yuan (US$54.55 million) by leveraging his senior roles at the central bank and other financial institutions, including China Construction Bank.
Last year, Zhang Huayu, the former vice-president of China Everbright Bank, was sentenced to 12½ years for taking bribes and misusing his position of influence.
Cai Esheng the former vice-chairman of the now-defunct China Banking Regulatory Commission, was handed a death sentence with a two-year suspension for charges of bribery and power abuse.
In 2021, Lai Xiaomin former chairman of China Huarong Asset Management, one of China’s top four state asset managers, was sentenced to death for accepting 1.79 billion yuan in bribes as well as corruption and bigamy.
The same year, Hu Huaibang, former Communist Party secretary and chairman of China Development Bank, was sentenced to life behind bars for taking a total of 85.5 million yuan in bribes between 2009 and 2019.
The same year, Hu Huaibang, former Communist Party secretary and chairman of China Development Bank, was sentenced to life behind bars for taking a total of 85.5 million yuan in bribes between 2009 and 2019.
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