China’s anti-graft agency investigates CDB executive

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China Development Bank in Beijing

BEIJING (Reuters) -China’s top graft buster is investigating He Xingxiang, vice president of China Development Bank (CDB), in the latest investigations into top officials at state-owned financial institutions.

He, born in 1963, is under investigation by the Central Commission for Discipline Inspection (CCDI) for suspected “severe discipline and law violations”, the CCDI said on its website, without elaborating.

Before serving as a member of the Party Committee at CDB, He worked at Bank of China and Agricultural Development Bank of China.

Reuters was not able to reach He for comment. CDB didn’t immediately respond to a faxed query from Reuters.

In June, CCDI also opened a probe into Hu Xiaogang, the former vice president of China Orient Asset Management Co, one of the country’s four large bad-debt managers.

In January, China executed Lai Xiaomin, former chairman of the embattled China Huarong Asset Management Co, after a court found him guilty of taking 1.79 billion yuan ($277 million) of bribes.

Aside from intensifying their anti-corruption campaign, regulators have been stepping up efforts to clean up financial risks accumulated over the years.

($1 = 6.4561 Chinese yuan renminbi)

(Reporting by Zhang Yan, Cheng Leng and Ryan WooEditing by David Goodman and Mark Potter)

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