China: Former Manager of Citic Trust Faces Criminal Charges

A former executive of Citic Trust Co., China’s largest trust company, faces criminal charges for corruption in the latest episode of China’s anti-graft campaign sweeping the financial sector.

Li Ge, a former head of Citic Trust’s capital operation department, was removed by the Communist Party and transferred to the judiciary for prosecution, parent Citic Group said Tuesday in a statement (link in Chinese).

Wholly owned by Citic Group, Citic Trust is an important business pillar of the state-owned financial conglomerate. As of the end of 2019, Citic Trust managed 1.57 trillion yuan ($242 billion) of assets, tops in the industry.

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