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Probe into Sinolink Securities chairman

THE chairman of Chengdu-based Sinolink Securities Co Ltd is being investigated for personal reasons, the Shanghai-traded company announced in a notice issued last night.

The firm said Wang Jinyong has taken over as acting chairman post and the company is operating as normal, the Caijing magazine reported.

Industry insiders say the investigation of Lei Bo, 51, is probably connected to the corruption case of Wang Yi, former deputy chairman of the Chinese Securities Regularity Commission and vice president of China Development Bank.

Lei had worked as secretary for Wang Yi during the latter's tenure as the country's top securities regulator. Wang has reportedly confessed to accepting bribes worth more than 10 million yuan (US$1.45 million).

Lei had also served as president of the financial consulting firm Yongjin Group, whose founder and owner, Wei Dong, reportedly maintained a close relationship with Wang Yi.

Wei killed himself, jumping from his apartment in Beijing in April last year and Wang Yi paid his respects to Wei at Wei's funeral, the Caijing report said.

Wang Yi and Wei Dong were placed under surveillance in April, according to earlier reports.

After Wei's death, Lei managed the Yongjin group.

Lei is not the first former CRSC official to be investigated for involvement in Wang Yi's case.

Two weeks ago, Xiao Shiqing, the President of China Galaxy Securities Co, resigned and was reported to be under investigation for corruption.

Xiao, 45, worked as a vice dean of a CRSC department in charge of share offerings and fund management companies from 2004.


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