What’s new: Liu Ti, former deputy general manager of the Shanghai Stock Exchange, faces criminal charges for alleged embezzlement and bribery following an investigation by the country’s top graft buster.
Liu, 54, was removed from public office, the Communist Party’s Central Commission for Discipline Inspection (CCDI) said Friday.
An investigation found that Liu accepted gifts or money that could affect the impartial exercise of public authority, the CCDI said. Graft busters also accused him of falsifying personal records with a “fake divorce,” misusing his authority to embezzle public assets, serving as a shadow shareholder in multiple companies preparing to sell shares, pursuing improper gains for others in various ways including share sales and unlawfully accepting substantial bribes.
The background: Liu, who was placed under investigation in April, is the latest in a series of senior officials in the securities industry to come under investigation by the anti-graft agency as Beijing continues a drive to stamp out misconduct in the financial sector.
Sources told Caixin that the investigation of Liu might be related to the 2021 bribery case of Cao Jian, a former deputy chief responsible for vetting initial public offerings on the exchange’s Nasdaq-like STAR Market.
Liu was known for maintaining close ties with market participants and for his willingness to help them, multiple sources told Caixin.
Contact reporter Han Wei (weihan@caixin.com) and editor Bob Simison (bob.simison@caixin.com)
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