China: Baoshang Bank Scandal Takes Down Yet Another Official

A retired former local banking regulator in the Inner Mongolia autonomous region has been placed under investigation on suspicion of corruption in connection with Baoshang Bank Co. Ltd., a struggling lender taken over by regulators in May last year, Caixin has learned.

Anti-graft watchdogs said in a Thursday statement (link in Chinese) that Xue Jining, who served as head of the Inner Mongolia branch of the now-defunct China Banking Regulatory Commission (CBRC) from 2007 to 2014 before retiring in 2015, is suspected of “serious violations of (Communist Party) discipline and law” — a euphemism for corruption.

The probe into Xue is related to Baoshang, a midsize lender previously controlled by financial titan Tomorrow Holding Co. Ltd., people with knowledge of the matter told Caixin. Tomorrow’s founder, mysterious tycoon Xiao Jianhua, was placed under investigation by Chinese anti-corruption authorities in early 2017.

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(Photo: Reuters)

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