JPMorgan Ex-CEO for China Investment Bank Arrested, Caixin Says
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Fang Fang, former chief executive officer for JPMorgan Chase & Co. (JPM)’s China investment bank, was arrested by Hong Kong’s anti-graft agency, Caixin reported, citing two people it didn’t identify.
The banker is out on bail after he was released by the Independent Commission Against Corruption, the magazine said, without disclosing when Fang was taken in for questioning. He’s restricted from leaving Hong Kong, it said. The arrest may be linked with probes into banks’ hiring practices, Caixin said.
Fang, a 12-year veteran of JPMorgan, resigned from the New York-based firm in March, according to an internal memo obtained by Bloomberg News at the time. His departure came amid a U.S. investigation into whether the firm employed people in Asia so that their relatives in government would steer business to the bank, people with knowledge of the probes have said.
The bank hasn’t been charged with any wrongdoing.
Fang declined to comment when reached on his mobile phone today. JPMorgan’s Hong Kong-based spokeswoman Marie Cheung also declined, while ICAC spokeswoman Charmaine Mok said the agency doesn’t comment on individual cases.
The ICAC searched a JPMorgan office in Hong Kong on March 26, two people with knowledge of the matter said at that time. The agency seized computer records and documents after searching Fang’s office, said the people, who asked not to be identified because the investigation is confidential.
Former JPMorgan Chase & Co.’s China Investment Banking Chief Executive Officer Fang Fang.
Fang joined JPMorgan in August 2001 and was a former vice president of Beijing Enterprises Holdings Ltd., an investment company controlled by the government of China’s capital. He became head of JPMorgan’s China investment-banking business in 2007 and was made vice chairman for Asia investment banking in 2009. He quit the bank as he wants to spend more time with his family, a person with knowledge of the matter said earlier.
To contact the reporters on this story: Cathy Chan in Hong Kong at kchan14@bloomberg.net; Jasmine Wang in Hong Kong at jwang513@bloomberg.net
To contact the editors responsible for this story: Chitra Somayaji at csomayaji@bloomberg.net Darren Boey
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