A top Chinese banker has killed himself amid a corruption investigation
http://qz.com/602682/the-case-for-disarming-americas-police-force/
The headquarters of the Communist Party's Central Commission for Discipline. (Reuters/Reinhard Krause)
One of China’s top bankers and a former regulator
jumped to his death on Tuesday (Jan.27) morning, after being put under
investigation earlier this month by the Communist Party’s anti-graft
watchdog.
Yang Zezhu, 62, former chairman of Changjiang
Securities, resigned from his post after the mid-sized Chinese brokerage
said on Jan. 6 that he was being probed by the Communist Party’s
Central Commission for Discipline Inspection for “personal reasons.”
Yang fell to his death from his 12th floor
apartment in Wuhan, capital of the central Hubei province, where the
brokerage is based. A suicide note was found by police, local news portal cnhubei reported
(link in Chinese). The report was cited by other Chinese media,
including the official Xinhua news agency, indicating that government
officials think it is credible.
Changjiang is the latest casualty in China’s sweeping anti-corruption campaign that has focused on the financial sector since last summer’s stock market turmoil. A long list of top executives
from China’s largest banks, brokers and hedge funds—executives
comparable to Warren Buffet or Goldman Sachs’s Lloyd Blankfein in the
US—have been rounded up in the past year, as the Chinese authorities
tracked down the root cause of the stock crash.
Yang’s unnatural death follows that of Chen Hongqiao, president of Guosen Securities, who hanged himself
in his Shenzhen home last October. Chen was not under any official
investigation before his death. But his suicide happened shortly after
Zhang Yujun, the former assistant chairman of the China Securities
Regulatory Commission, was taken away for corruption investigation. Chen
served as a deputy to Zhang at the top market regulator.
Yang’s career can also be traced back to
financial regulation. Before joining Changjiang in 2013, he headed the
Hubei provincial branch of the state-owned Assets Supervision and
Administration Commission, which oversees government conglomerates, for
seven years.
Chinese media report the investigation into Yang
is related to his days at the Hubei regulator. Yang and his son were
reported by several companies for fraud worth $HK80 million (around $10
million) in 2013. He was then removed from his post by the Communist
Party’s anti-graft watchdog, financial newspaper China Business News reported (link in Chinese) citing unnamed sources with the government, before becoming head of Changjiang Securities.
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