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Former NDRC official probed on suspicion of taking bribes
鍙戞敼濮斿師鍙搁暱寮犱笢鐢熸秹鍙楄纯

Source: Agencies | August 23, 2014, Saturday | Print Edition

A FORMER director at the National Development and Reform Commission who oversaw corporate bond issues between 2003-06 is being investigated, prosecutors said yesterday.

Zhang Dongsheng, who was most recently head of the employment and income distribution division at the commission, is “suspected of taking bribes,” the Supreme People’s Procuratorate said on its official microblog.

“Zhang has been placed under coercive measures,” it said, referring to actions under law that include residential surveillance, detention and arrest. It did not say what steps had been taken.

Finance magazine Caixin last week reported that Zhang, who was once director-general of the finance department, is being probed in relation to corporate bonds issued in 2005.

President Xi Jinping has made fighting graft a central theme since taking office last year and has warned that corruption threatens the survival of the Communist Party of China.

The NDRC is responsible for approving the issuance of bonds of more than a year by non-listed companies and non-financial firms.

In 2007, Zhang became head of its employment and income distribution division. He retired several months ago.

Last October, media reported that police were investigating three executives from brokerage Guosen Securities including the head of its fixed-income arm, Sun Mingxia.

Caixin said Sun had provided a list of 100 people during the probe, which included Zhang’s name. Zhang’s department oversaw a “golden age” of corporate bond issuance from 2003-06, it said.

The Party earlier this month announced an investigation into former domestic security chief Zhou Yongkang, the highest profile figure caught up in the anti-corruption campaign.

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