A veteran securities regulator has lost his job and Communist Party membership, after a graft investigation uncovered misconduct that included taking bribes in the form of Moutai liquor and using his influence to promote his own books to underlings.
An Qingsong, a former chairman and party committee chief of the China Futures Association, has been expelled from the party and public office, according to an announcement Tuesday by the Central Commission for Discipline Inspection (CCDI), China’s top anti-graft watchdog.
An, 54, worked for the China Securities Regulatory Commission (CSRC) for two decades, holding various positions including deputy director of the department supervising listed companies. He later joined the Securities Association of China in 2018 and the China Futures Association last year. He was placed under investigation in November.
In Tuesday’s announcement, the CCDI accused An of influence peddling under a variety of circumstances, such as during company IPOs and asset restructurings, as well as in his day-to-day work. The CCDI said this misconduct led to severe disruptions in the capital markets.
An held on to confidential documents without authorization, engaged in “superstitious activities,” and provided false information to investigators during party inspections, the CCDI said. He also took large bribes, including gifts like booze, dinners and trips. In addition, he also failed to disclose properties he owned both inside and outside the Chinese mainland.
He took advantage of his influence to help others get jobs and promote his own books to subordinates, the announcement said. The CCDI also found that he collected books “with serious political problems.”
An has a doctorate in economics from Nankai University in Tianjin. A native of Southwest China’s Guizhou province, home of a famous brand of “baijiu” liquor — Moutai — An has an exceptional tolerance for alcohol, people close to him said.
Contact reporter Zhang Yukun (yukunzhang@caixin.com) and editor Michael Bellart (michaelbellart@caixin.com)
