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Probe for securities company president

By Jane Chen | 16:12 UTC+8 April 30, 2009 | Online Edition

XIAO Shiqing, the President of China Galaxy Securities Co Ltd, has resigned and is being investigated.

Xiao, 45, has stepped down as the company's president and the company is operating normally, Galaxy officials today told www.cnstock.com.

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

Xiao's investigation is a shock to industry insiders as he was expected to return to work with China Securities Regulatory Commission this year with Li Zhengqiang expected to take over his position as president, according to the Caijing.com report.

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

Xiao took over Galaxy Securities in 2007 after leaving 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 and 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.

Previous media reports said Wang was involved in taking bribes, issuing bank loans to entrepreneurs engaged in illegal activities, and offering improper aid to enterprises listing on the stock markets on Chinese mainland.

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