The chairman of China Investment Securities, a brokerage owned by China’s sovereign wealth fund China Investment Corporation, has been removed from his post following a corruption investigation, the communist party’s graft watchdog said on Wednesday.
Long Zenglai is the first senior executive at a securities firm to be caught up in China’s wide-ranging anti-corruption campaign.
Long is alleged to have spent thousands of yuan on organising banquets at luxury restaurants since 2013. He also used public funds to pay for rounds of golf and spent company money to finance the publication of his poetry, said the Central Commission for Discipline Inspection on its website.
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