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Brokerage chairman probed for 'personal reasons'
By Winny Wang |
May 15, 2009, Friday
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Print Edition
Print Edition
SINOLINK Securities Co Chairman Lei Bo is being investigated for "personal reasons," the brokerage said in a statement to the Shanghai Stock Exchange yesterday.
"Chairman Lei Bo is under investigation for personal reasons and the company is now in the charge of Wang Jinyong," the company said in the statement.
The Chengdu-based brokerage, which was suspended from trading for one hour yesterday, is running normally and its employees and clients are stable, according to the statement. The firm didn't offer details about the case.
Caijing Magazine reported yesterday that the 51-year-old Lei formerly worked as a secretary for Wang Yi, a former vice chairman of the China Securities Regulatory Commission who was arrested on bribery and other corruption charges on January 22.
Wang, also a former vice president of the China Development Bank, was stripped of his Communist Party membership and all official posts for taking bribes, according to Xinhua news agency.
He took advantage of his posts to benefit his relatives' businesses and may face criminal charges, Xinhua said. Wang had reportedly confessed to accepting bribes exceeding 10 million yuan (US$1.46 million).
Wang's case is also linked to the investigation of Xiao Shiqing, former president of China Galaxy Securities Co.
Xiao, 45, stepped down as the company's president last month and Caijing reported that Xiao had been arrested after being linked to a corruption case involving Wang.
The Xiao investigation was a shock to industry insiders as he was expected to return to work with the China Securities Regulatory Commission this year, said Caijing.
"Chairman Lei Bo is under investigation for personal reasons and the company is now in the charge of Wang Jinyong," the company said in the statement.
The Chengdu-based brokerage, which was suspended from trading for one hour yesterday, is running normally and its employees and clients are stable, according to the statement. The firm didn't offer details about the case.
Caijing Magazine reported yesterday that the 51-year-old Lei formerly worked as a secretary for Wang Yi, a former vice chairman of the China Securities Regulatory Commission who was arrested on bribery and other corruption charges on January 22.
Wang, also a former vice president of the China Development Bank, was stripped of his Communist Party membership and all official posts for taking bribes, according to Xinhua news agency.
He took advantage of his posts to benefit his relatives' businesses and may face criminal charges, Xinhua said. Wang had reportedly confessed to accepting bribes exceeding 10 million yuan (US$1.46 million).
Wang's case is also linked to the investigation of Xiao Shiqing, former president of China Galaxy Securities Co.
Xiao, 45, stepped down as the company's president last month and Caijing reported that Xiao had been arrested after being linked to a corruption case involving Wang.
The Xiao investigation was a shock to industry insiders as he was expected to return to work with the China Securities Regulatory Commission this year, said Caijing.
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