What’s new: Mao Juncai, the former Communist Party chief and president of the Shanghai branch of China Development Bank, the nation’s biggest policy lender, was placed under investigation by graft busters.
Mao is being probed “on suspicion of serious violation in law and discipline,” the Central Commission for Discipline Inspection, the Communist Party’s top corruption watchdog, said late Friday in a statement. The commission didn’t elaborate on the suspected violations, but the phrase often refers to corruption.
Public information showed that Mao had extensive experience at China Development Bank (CDB), holding senior positions in various branches of the bank. He left the Shanghai branch around 2017 and later joined leading real estate developer Greenland Holdings Corp. as executive president. Mao left Greenland in 2021, according to Greenland.
The context: CDB has been hit in recent years by a lengthening string of graft scandals involving top executives. More than 10 middle and senior executives at the bank have been brought down in the past three years, including He Xingxiang, a vice president of the bank, and Zhong Daohua, a senior manager with CDB’s general affairs department.
Last year’s anti-corruption crackdown on China’s biggest chip industry investment fund also rattled CDB as the lender’s close ties with scandal-hit Sino IC Capital Co. Ltd. came under scrutiny.
In April, Fu Xiaodong, former Henan branch head of CDB, was sentenced to 10 years in prison for taking 4.3 million yuan ($625,670) of bribes.
Contact reporter Han Wei (weihan@caixin.com) and editor Bob Simison (bob.simison@caixin.com)
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