Former vice president of China’s largest bank is under investigation for alleged corruption

Zhang Hongli

The former vice president of the state Industrial and Commercial Bank of China (ICBC, acronym in English), Zhang Hongliis under investigation on suspicion of “serious violations” of the law and party discipline, state media reported this Saturday.

The process against the former executive of the largest bank in the Asian giant was advanced by the official agency Xinhua in a brief note that does not detail what crimes he allegedly committed Zhangwho also held positions of responsibility in the Chinese Communist Party (CCP).

Zhang, who held the position until July 2018, He is one of the highest profile bankers to be investigated so far by the Central Commission for Discipline Inspection, the CCP’s powerful anti-corruption body.

Bao Fan (David Paul Morris/Bloomberg/File)
Bao Fan (David Paul Morris/Bloomberg/File) (David Paul Morris/)

Last February that institution promised reinforce its campaign against illicit conduct in the financial sector just days after the mysterious disappearance of the well-known banker Bao Fanwhich he later announced was “cooperating in an investigation”, according to the investment bank of which he is founder, China Renaissance.

The operation on the financial sector, active for years, has so far resulted in the indictment of numerous officials of regulatory agencies and senior company executives.

After coming to power in 2012, the current general secretary of the Communist Party of China (CPC) and president of the country, Xi Jinpingbegan an anti-corruption campaign in which numerous senior Chinese officials have been convicted of accepting million-dollar bribes.

Although this initiative, one of Xi’s star programs, has uncovered important cases of corruption within the CCP, some critics have suggested that it could also be used to end the political careers of some of his rivals.

The Chinese leader was re-elected last October at the 20th Congress of the CCP for a third term unprecedented among his predecessors in recent decades.

(With information from EFE)