Ex-AgBank president loses Party positions
Print Edition
THE former president of the Agricultural Bank of China, Zhang Yun, has been demoted from all his posts and placed on a two-year probation due to “severe disciplinary violations,” a statement said yesterday.
Zhang should also be punished by being downgraded to a post lower than vice manager in the bank, the Central Commission for Discipline Inspection, the Party’s anti-corruption body, said in the statement.
The former president of China Everbright Bank, Zhao Huan, 52, will replace Zhang after approval by the board, said an AgBank statement.
AgBank said in a December 4 filing to the Shanghai Stock Exchange that Zhang resigned as president for “personal reasons,” but public speculation swirled that his resignation was linked to corruption among executives in the finance industry.
The demotion of Zhang, who joined AgBank in 1985 and had been president and executive director since January 2009, was related to the bank’s former Vice President Yang Kun, who was sentenced to life imprisonment for bribery, financial news portal yicai.com reported.
Zhang’s former secretary Niu Xuehui was sentenced to death for his involvement in a criminal case.
Zhang was in charge of AgBank’s initial public offerings in both Shanghai and Hong Kong during his tenure.
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