Two years after Xi Jinping vowed his government will battle corruption and target “tigers and flies,” meaning corrupt officials big and small, the effects are seen not only at the Macau gambling tables but executive boardrooms as well.
At least two senior bank executives in China have been arrested in recent days according to official reports from the country. The arrests seem to be part of a new phase in the government's anti-corruption purge, targeting the highest levels of China's financial institutions.
On Monday, the Shanghai-listed Bank of Beijing said its director Lu Haijun is under investigation by authorities for alleged "serious disciplinary violations," a term used to describe corruption. He is also an ex-chairman of one of the bank's major shareholder, Beijing Energy Investment Holding, and held top positions at other energy companies.
Two days before the arrest of Lu was made public, Mao Xiaofeng, president of China's largest privately owned bank, Hong Kong-listed Minsheng Bank, had resigned after being taken away for questioning by interrogators. The investigation of Mao is reportedly linked to that of a close assistant of the ex-president of China Hu Jintao.
President Xi Jinping's crackdown on corruption has been in full swing for about two years now. Ever since taking power in late 2012 Xi has identified corruption as a strategic threat to the Communist Party's rule in China. Fearing that ordinary citizens will object to the country's meteoric economic rise if only a corrupt elite enjoys its fruits, Xi directed the government to pursue all abusers of the public's funds.
Helping to solidify his image as an efficient technocrat, Xi's anti-corruption drive has indeed targeted not just low but actually high level officials after he vowed to go after both “tigers and flies.”
If at first some voices in the Western press joked that the only likely effect of the crackdown will be the empty gambling tables in Macau as corrupt officials will refrain from flaunting their ill-gotten wealth, today that's clearly not the case. Army generals, state-owned oil executives and top communist politicians, such as the once all-powerful Chongqing party chief Bo Xilai, have been among the hundreds swept up by the purge and now senior bankers are evidently not immune either.
At least two senior bank executives in China have been arrested in recent days according to official reports from the country. The arrests seem to be part of a new phase in the government's anti-corruption purge, targeting the highest levels of China's financial institutions.
On Monday, the Shanghai-listed Bank of Beijing said its director Lu Haijun is under investigation by authorities for alleged "serious disciplinary violations," a term used to describe corruption. He is also an ex-chairman of one of the bank's major shareholder, Beijing Energy Investment Holding, and held top positions at other energy companies.
Two days before the arrest of Lu was made public, Mao Xiaofeng, president of China's largest privately owned bank, Hong Kong-listed Minsheng Bank, had resigned after being taken away for questioning by interrogators. The investigation of Mao is reportedly linked to that of a close assistant of the ex-president of China Hu Jintao.
President Xi Jinping's crackdown on corruption has been in full swing for about two years now. Ever since taking power in late 2012 Xi has identified corruption as a strategic threat to the Communist Party's rule in China. Fearing that ordinary citizens will object to the country's meteoric economic rise if only a corrupt elite enjoys its fruits, Xi directed the government to pursue all abusers of the public's funds.
Helping to solidify his image as an efficient technocrat, Xi's anti-corruption drive has indeed targeted not just low but actually high level officials after he vowed to go after both “tigers and flies.”
If at first some voices in the Western press joked that the only likely effect of the crackdown will be the empty gambling tables in Macau as corrupt officials will refrain from flaunting their ill-gotten wealth, today that's clearly not the case. Army generals, state-owned oil executives and top communist politicians, such as the once all-powerful Chongqing party chief Bo Xilai, have been among the hundreds swept up by the purge and now senior bankers are evidently not immune either.
Interactive Brokers Expands Offerings with Daily Options on French Stocks
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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