China is investigating the chairman of Huarong Asset Management Co Ltd , the country’s biggest manager of distressed assets, for suspected graft, the ruling Communist Party’s anti-corruption watchdog said on Tuesday.
The Central Commission for Discipline Inspection said it was investigating Lai Xiaomin for suspected “serious discipline violations”, a euphemism for graft, making him the latest in a string of high-profile financial executives targeted.
China is looking to rein in risks in the financial sector, targeting riskier lending practices and high corporate debt. The country’s new Vice Premier Liu He, known for his tough stance on credit-driven stimulus, has made a crackdown on risk in the country’s financial sector a top priority.
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