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Executive linked to corruption case

THE President of China Galaxy Securities Co has resigned and is being investigated for corruption.

Xiao Shiqing, 45, has stepped down as the company's president and the company is operating normally, Galaxy officials yesterday told

The officials were responding to a report that Xiao had been arrested after being linked with a corruption case involving Wang Yi, the former vice chairman of China's top securities regulator and vice president of China Development Bank.

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 while Li Zhengqiang was expected to take over his position as president, according to

Li, dean of CSRC's fund department, has been appointed Party secretary of Galaxy Securities.

Xiao took over Galaxy Securities in 2007 after leaving the CSRC where he had worked as a vice dean of a department in charge of share offerings and fund management companies from 2004.

He worked as president and general manager of Orient Securities Co Ltd from 2001 to 2004. He had been a teacher at the Central Institute of Finance Administrators Research Institute of Finance and Economy.

Wang, 53, was arrested on January 22 on bribery and other corruption charges.

Wang had reportedly confessed to accepting bribes exceeding 10 million yuan (US$1.45 million).


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