After Xu Jiayin was arrested, the chairmen of Bank of China and China Everbright Bank were quickly placed on file for investigation, and the financial anti-corruption storm began.
On the afternoon of October 7, the Central Commission for Discipline Inspection issued an announcement to open a case for investigation by Liu Liange, former party secretary and chairman of the Bank of China. However, this is just the beginning. On the morning of October 9, the Central Commission for Discipline Inspection again announced a similar investigation into Li Xiaopeng, former party secretary and chairman of China Everbright Bank.
Li Xiaopeng
We do not yet fully understand the intrinsic connection between these well-known chairmen and the Evergrande Group, but we can try to look for clues by analyzing the wording in the official statement of the CCDI. As for Liu, the Central Commission for Discipline Inspection pointed out that he "illegally issued loans, causing major financial risks."
Liu Liange
As for Li Xiaopeng, the Central Commission for Discipline Inspection mentioned that he "took advantage of his position to benefit others in loan financing, business contracting, etc., and illegally accepted huge amounts of property."
Which industry would trigger such harsh rhetoric? According to public information, Evergrande Group owes 1.7 billion yuan to a certain Chinese bank, and the debt to a certain optical bank is as high as 10.5 billion yuan. The huge debt owed to banks totaling more than 7,000 has attracted widespread attention. Evergrande owes more than 10 billion yuan to a certain raw bank 29.3 billion yuan, an agricultural bank 24.2 billion yuan, a commercial bank 11.3 billion yuan, and an industrial bank 10.3 billion yuan.
For a long time, the two biggest backers that real estate developers have relied on are certain sectors (you know) and banks. Only with their support can the development project proceed smoothly. And now, as the belt brother enters the bureau to eat, more chairmen and bank presidents may follow in their footsteps. This may be the beginning of the financial system's anti-corruption campaign. What is to be captured this time is undoubtedly a bigger goal. The power of this financial anti-corruption storm cannot be underestimated, and the investigation of the chairman of Bank of China and China Everbright Bank is only the beginning of a curtain that clears the way for the healthy development of the financial industry. #Xu Jiayin Arrested##Finance##Anti-Corruption, Promoting Honesty, Investigating Corrupt Officials#