Banking News

China’s corruption watchdog investigates one of Shanghai’s most powerful

China’s corruption watchdog investigates one of Shanghai’s most powerful

(6 June 2019 – China) Gu Guoming, the head of the Industrial and Commercial Bank of China’s Shanghai branch is under investigation by the Central Commission for Discipline Inspection (CCDI).

It is the second scandal involving ICBC, the world’s biggest lender by assets, in the space of two months. The CCDI launched an inquiry into Xie Ming, a retired deputy chief of ICBC’s Chongqing branch in April.

Gu, who is also chairman of the Shanghai Payment and Clearing Association, is regarded as one of the most powerful figures in Shanghai’s finance sector.

The statement declaring the investigation did not give any details of Gu’s alleged misconduct.

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