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Investigation for 'personal reasons'

SINOLINK Securities Co said today that its chairman Lei Bo is being investigated by authorities for personal reasons.

"Chairman Lei Bo is being investigated by authorities for personal reasons and the company is now in the charge of Wang Jinyong," the domestic brokerage said in a statement to the Shanghai Stock Exchange today.

The Chengdu-based brokerage, which was suspended from trading today for one hour, is running as normal and its staff and clients are stable, according to the statement. It offered no details about the case.

Caijing Magazine said today that the 51-year-old Lei used to work as the secretary of Wang Yi, former vice chairman of the China Securities Regulatory Commission, who was arrested on January 22 on bribery and other corruption charges.

Wang, also former vice president of China Development Bank, has been 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, the president of China Galaxy Securities Co.

The 45-year-old Xiao stepped down as the company's president last month and Caijing reported that Xiao had been arrested after being linked with a corruption case involving Wang.

The investigation of Xiao was a shock to industry insiders as he was expected to return to work with the China Securities Regulatory Commission this year, Caijing said.


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