China's CITIC Group investigates vice chairman for corruption amid anti-corruption crackdown
Date
6/10/2024 4:25:35 AM
(MENAFN) On Sunday, China's anti-corruption agency announced that Xu Zuo, the vice chairman of China CITIC Group, is under investigation for corruption. This development occurs amidst an extensive anti-corruption campaign sweeping through the financial sector. The Communist Party's Central Commission for Discipline Inspection revealed in an online statement that Xu is "suspected of serious disciplinary and legal violations," though specific details were not provided.
China CITIC Group is a major state-backed investment conglomerate, boasting total assets of over USD1.5 trillion as of last year, according to its official website. Xu Zuo, a senior economist with considerable expertise in acquisitions and international restructuring operations, has been a member of the company's executive committee since 2019.
This investigation is part of a broader anti-corruption initiative launched by Chinese President Xi Jinping, who has been in power for a decade. The campaign aims to root out entrenched corruption within various government departments and state-owned enterprises. While this initiative has garnered public support, it is also suspected of targeting individuals who oppose the president's views.
In recent months, the anti-corruption authorities have intensified their focus on the Chinese financial and banking sectors, scrutinizing several prominent figures. This latest investigation into a senior executive at China CITIC Group underscores the ongoing efforts to cleanse the financial sector of corruption and maintain public trust in the leadership's commitment to integrity and accountability.
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