JPMorgan in Chinese bribe investigation to win deals
Print Edition
US authorities have started to investigate whether JPMorgan Chase & Co hired the children of powerful Chinese officials to help it win business in China, the New York Times said.
A report posted in the Times’ online edition on Saturday cited a confidential US government document as its source for the story.
The newspaper said the bank hired Tang Xiaoning, the son of Tang Shuangning, a former Chinese banking regulator who is now the chairman of the China Everbright Group, a state-controlled financial conglomerate.
After the son joined JPMorgan, the bank secured several important assignments from the Chinese conglomerate, including advising a subsidiary of the company on a stock offering.
The Hong Kong office of JPMorgan also hired Zhang Xixi, the daughter of a now-disgraced Chinese railway official, and went on to help advise his company, which builds railways in China, on its plans to become a public company, the newspaper said.
JPMorgan referred in its 10-Q quarterly filing this month to the inquiry by the US Securities and Exchange Commission’s anti-bribery unit.
“We publicly disclosed this matter in our 10-Q filing last week and are fully cooperating with regulators,” said a Hong Kong-based spokeswoman for JPMorgan.
Zhang and Tang have left the firm, the newspaper said.
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