The former vice president of ICBC was investigated and was caught in a multi-million dollar transfer turmoil

Another financial "tiger", a well-known returnee in the financial industry, and Zhang Hongli, former vice president of the Industrial and Commercial Bank of China, was investigated.

On November 4, the website of the Central Commission for Discipline Inspection and the State Supervision Commission announced that Zhang Hongli, former member of the Party Committee and vice president of the Industrial and Commercial Bank of China, is suspected of serious violations of discipline and law, and is currently undergoing disciplinary review and supervision investigation by the Central Commission for Discipline Inspection and the State Supervision Commission.

Zhang Hongli is 58 years old and a well-known returnee in the financial industry. He studied abroad and worked as a senior executive in a foreign bank for many years, serving as vice president of ICBC in 2010 and resigning as vice president in 2018 due to family reasons. Five years after his resignation, Zhang Hongli was investigated.

It has been caught in a multi-million dollar transfer turmoil

In July 2018, ICBC announced that Zhang Hongli, executive director and vice president of the bank, submitted his resignation to the bank's board of directors due to family reasons and resigned as vice president.

After leaving ICBC, Zhang Hongli is still active in the financial field. He joined the private equity investment firm, Hopu Investment Management Co., Ltd., and appeared in public reports as co-chairman of Hopu Investment.

It is worth mentioning that in December 2018, the Center for Globalization (CCG), the International Talent Professional Committee of the Chinese Talent Research Association and the Alliance for Chinese Overseas Students Returning to China jointly released the list of "40 returnees in the 40 years of China's reform and opening up".

In the list, Zhang Hongli, then co-chairman and partner of Hopu Investment, was selected. In recent years, he has continued to appear in media reports and speak at forums in the financial sector. He also made a public appearance in mid-April this year.

At that time, Zhang Hongli, as the former vice president of the Industrial and Commercial Bank of China, the vice president of the China International Council for the Promotion of Multinational Corporations, the chairman of the capital of the China International Council for the Promotion of Multinational Corporations, and the co-chairman of Hopu Investment, visited a company called Moore Farm.

Born in 1965 in Harbin, Zhang Hongli studied at Heilongjiang Bayi Agricultural Reclamation University in his early years, and studied in Canada and the United States after obtaining a bachelor's degree, obtaining a master's degree in genetics and a master's degree in business administration respectively.

In 1991, at the age of 26, Zhang Hongli became the financial manager of Hewlett-Packard in the United States, and then successively served as a director and head of China business at Schroders International Merchant Bank in the United Kingdom, and an executive director in Asia and the chief representative of Goldman Sachs in Beijing.

Since 2001, he has served as Head of Greater China, Vice Chairman of Asia and Chairman of Deutsche Investment Bank China. Member of the Global Management Committee of Deutsche Bank Global Banking, President of Asia Pacific, Chairman of Deutsche Bank (China) Co., Ltd.

In May 2010, Zhang Hongli was appointed Vice President of Industrial and Commercial Bank of China. According to official information, he is the first banker in which a senior executive of a foreign bank directly holds the post of vice president of a major state-owned commercial bank.

In 2015, he became an executive director of ICBC, resigned as vice president of ICBC in July 2018, and ceased to serve as an executive director of ICBC and a member of the risk management committee of the board of directors.

It is worth noting that, according to a number of media reports such as Securities Times and The Paper, during his tenure as vice president of ICBC, Zhang Hongli's former employer, Deutsche Bank, took Zhang Hongli to court in Hong Kong and claimed $6.317 million.

Deutsche Bank filed a lawsuit in a Hong Kong court, alleging that former employee Zhang Hongli misrepresented the bank for misrepresentation, causing a Hong Kong branch of Deutsche Bank to transfer US$3.9 million to the account of an offshore company, China Merchants Bank's Shenzhen branch.

As a result, Deutsche Bank claimed $6.3 million in damages, including $2.3231 million in interest, from Zhang Hongli. Zhang Hongli believes that the transfer is legitimate, and the transfer was also verbally approved by Deutsche Bank's senior management.

But Deutsche Bank denied it, saying that Mr. Zhang had never provided any information and had not approved the transfer. Media reports said Mr. Zhang was frustrated by the failure to leave documentary evidence.

Former colleagues and alumni were investigated one after another

Before Zhang Hongli was investigated, his former colleague had voluntarily surrendered. On September 15 this year, the website of the Central Commission for Discipline Inspection and the State Supervision Commission announced that Liu Lixian, former member of the Party Committee and Secretary of the Commission for Discipline Inspection of the Industrial and Commercial Bank of China, was suspected of serious violations of discipline and law and voluntarily surrendered.

According to the data, from October 2005 to June 2013, Liu Lixian, who served as the secretary of the Discipline Inspection Commission of the Industrial and Commercial Bank of China, and Zhang Hongli served as the vice president of the Industrial and Commercial Bank of China from May 2010 to July 2018. The two have worked together for several years.

Immediately afterwards, on September 16 this year, Li Haitao, vice chairman of the Heilongjiang Provincial Committee of the Chinese People's Political Consultative Conference, was investigated on suspicion of serious violations of discipline and law. Li Haitao was born in 1963 in Bayan, Heilongjiang Province (a county under the jurisdiction of Harbin City), and graduated from Heilongjiang Bayi Agricultural Reclamation University in 1984.

It is worth noting that Zhang Hongli also graduated from Heilongjiang Bayi Agricultural Reclamation University in 1984, and he and Li Haitao are alumni who graduated in the same year.

In addition, Li Haitao has served in Heilongjiang for a long time, serving as a member of the Standing Committee of the Heilongjiang Provincial Party Committee, vice governor, and deputy secretary of the provincial government, while Zhang Hongli has served as a financial and economic adviser to the governor of Heilongjiang Province.

Before that, in April this year, Li Xiaopeng, former party secretary and chairman of China Everbright Group Co., Ltd., was investigated. Li Xiaopeng has worked in ICBC for many years, and served as an executive director of ICBC from 2010 to 2013.

In mid-October, the Supreme People's Procuratorate made a decision to arrest Li Xiaopeng on suspicion of accepting bribes, and the case is being further handled. Relevant circulars show that Li Xiaopeng wants to be an official and make a fortune, has long abused his power for personal gain, "relying on finance to eat finance", taking advantage of his position to seek benefits for others in loan financing and business contracting, and illegally accepting huge amounts of property.

In addition, since the beginning of this year, many people have been investigated by ICBC, such as Qiu Shijie, vice president of ICBC Hubei Branch, Gu Jiangang, former general manager of ICBC's asset management department, Hou Jinxi, former deputy general manager of ICBC Office and former general manager of Yinda Labor Service Center of Beijing Yinquan Building, Zhang Xigang, former vice president of ICBC Tianjin Branch, and Li Weiping, former director of personal finance business and general manager of personal finance business department of ICBC head office.

Author: Tong Xizhong