It is the rural credit system again, and the three executives have collectively fallen! Engaging in power and money transactions has been directly "one pot end", and the anti-corruption has become more and more in-depth

Engaging in power and money transactions, accepting bribes, shaanxi financial system fell to three senior executives.

On October 11, the website of the Central Commission for Discipline Inspection and the State Supervision Commission published three disciplinary notices on the same day, involving Zhao Yongjun, former chairman of Chang'an Bank, Yang Jianxin, former director of the Shaanxi Rural Credit Cooperatives Union, and Wang Xuming, former deputy director of the Shaanxi Rural Credit Cooperatives Union. The three executives all worked in the Shaanxi branch of the Agricultural Bank of China in their early years, and then transferred to the Shaanxi Provincial Association and worked together for many years.

According to the website of the Central Commission for Discipline Inspection and the State Supervision Commission, since the Nineteenth National Congress of the Communist Party of China, among the 31 provinces, autonomous regions, and municipalities in the country, nearly 10 provincial-level rural credit unions, such as Liaoning, Shaanxi, Anhui, Sichuan, Inner Mongolia, Shanxi, Hainan, and Shandong, have been "number one" and members of the leading bodies, and in some places there have even been phenomena of corruption and collusion.

Three former executives of the Shaanxi Provincial Associated Press were dealt with on the same day

On October 11, according to the website of the Central Commission for Discipline Inspection and the State Supervision Commission, Wang Xuming, former deputy director of the Shaanxi Provincial Federation of Cooperatives, was expelled from the party and dismissed from public office for serious violations of discipline and the law; Yang Jianxin, former director of the Shaanxi Provincial Federation, was expelled from the party and had his retirement benefits revoked for serious violations of discipline and the law; and Zhao Yongjun, former secretary of the party committee and chairman of the board of directors of Chang'an Bank, was expelled from the party and dismissed from public office for serious violations of discipline and the law. Public resumes show that Zhao Yongjun previously served as the director and chairman of the Shaanxi Provincial Associated Press, and was transferred to Chang'an Bank for less than two years.

The circular shows that the three executives who were dealt with on the 11th were all related to the Shaanxi Provincial Associated Press. From June 2005 to September 2016, Yang Jianxin served as secretary of the party committee and chairman of the provincial rural credit cooperative, and Wang Xuming served as a member of the party committee and deputy director of the provincial rural credit cooperatives from December 2008 until March 2021, and the two worked together for 10 years.

Zhao Yongjun, former secretary of the party committee and chairman of Chang'an Bank, is the successor after Yang Jianxin, who once served as secretary of the party committee and chairman of the board of directors of Shaanxi Qinnong Rural Commercial Bank Co., Ltd. As early as November 24 last year, the Shaanxi Discipline Inspection and Supervision Network informed Zhao Yongjun that he was suspected of serious violations of discipline and law.

A Chinese reporter from a securities firm combed through the above-mentioned circular and found that The violations of the law by Yang Jianxin, Wang Xuming, and Zhao Yongjun all involved the use of personnel power to amass wealth, engage in power-for-money transactions, and wantonly accept bribes.

Specifically, Yang Jianxin's "double-opening" circular shows that he "used the right to organize personnel to accept bribes in a big way, which damaged the cadre team of the cooperative system, undermined the political ecology of the cooperative system, and damaged the credit of the cooperative system." Wang Xuming was "double-opened" and pointed out that it "corrupted the atmosphere of selecting and employing people and polluted the political ecology of the provincial federation system." Zhao Yongjun pointed out in a relevant circular that he "regards the right to approve financial loans and the personnel power of state-owned enterprise cadres as chips in exchange for personal benefits."

Comparing the circulars of Zhao Yongjun, Yang Jianxin, and Wang Xuming, we can find that the above-mentioned circulars all show violations of law and discipline, such as "using one's powers to seek benefits for others in the promotion of posts, the recruitment of staff and workers, and the adjustment of posts; interfering in and meddling in the contracting of grass-roots cooperative projects; and incorrectly performing work duties in poverty alleviation work."

Corruption in the rural credit system is frequent

With the continuous increase in financial anti-corruption efforts, especially the anti-corruption work of the rural credit system has achieved remarkable results. An article published on the website of the Central Commission for Discipline Inspection and the State Supervision Commission said that since the Nineteenth National Congress of the Communist Party of China, nearly 10 provincial-level rural credit unions, including Liaoning, Shaanxi, Anhui, Sichuan, Inner Mongolia, Shanxi, Hainan, and Shandong, have been "number one" and members of their leading bodies, and in some places there have even been phenomena of corruption and follow-up, nesting cases and colluding in cases.

Taking stock of the corruption cases in the rural credit system in recent years, judging from the occurrence of the case, the corruption problems in the leading positions of rural credit cooperatives mostly occur in the links of credit approval, personnel adjustment, and infrastructure construction. Specific manifestations are: repeatedly meddling in credit business, treating credit examination and approval power as a "cornucopia," misplacing the relationship between senior executives and between banks and enterprises, and issuing personal loans and relationship loans; lax checks on the examination of employment qualifications, recusal of relatives, exchanges and rotations, and other problems, stressing relations, looking at the background, and "inbreeding" are prominent; investing a lot of money in infrastructure construction and other fields, but some bidding procedures are not standardized, bringing opportunities to corruption.

With regard to the phenomenon that the rural credit cooperatives system has become a "hard-hit area" of corruption, Financial commentator Mo Kaiwei once wrote an article pointing out that the provincial federation is nominally an operation and management agency, but in fact it is a government administrative organ, and the county rural commercial bank it manages is an enterprise operating unit. Under the current regulatory system, the power of money and materials is excessively concentrated in provincial-level rural credit unions, and it is difficult to avoid phenomena such as corruption in the employment of personnel and corruption in the management of property.

He suggested that through reform, the provincial rural credit unions should become real legal person management entities, so that rural credit cooperatives (rural commercial banks) can truly return to their true business colors, and truly become independent financial enterprises that practice independent operation, bear their own risks, bear their own profits and losses, and exercise self-restraint on the principle of safety, liquidity, and efficiency, and carry out their business according to law.

Financial anti-corruption continues to advance

In addition to the above three people being investigated, many major banks have also had executives fall in recent days.

On October 10, according to the Zhejiang Provincial Discipline Inspection Commission and the Provincial Supervision Commission, Wang Liang, former secretary of the party committee and president of the Zhoushan branch of the Agricultural Bank of China, was suspected of serious violations of discipline and law and is currently under disciplinary review by the Discipline Inspection Committee of the Zhejiang Branch of the Agricultural Bank of China and the supervision and investigation of the Zhoushan Municipal Supervision Commission. According to his resume, he has successively served as a member of the Party Committee and vice president of the Zhoushan Branch of the Agricultural Bank of China, the secretary and president of the Party Committee of the Zhoushan Branch of the Agricultural Bank of China, and the deputy secretary-general of the Zhejiang Rural Finance Society (at the level of a department), and left his post in April 2013.

On October 9, according to the Shanghai Municipal Commission for Discipline Inspection, Zhang Yudong, product manager of the Product Management Department of the Private Banking Department of the Head Office of Shanghai Pudong Development Bank, was suspected of serious violations of discipline and laws and is currently under disciplinary review by the Discipline Inspection and Supervision Group of the Shanghai Municipal Commission for Discipline Inspection and Supervision in Spouting Bank and the Supervision And Investigation Committee of the Shanghai Baoshan District Supervision Commission.

On September 29, the website of the Central Commission for Discipline Inspection and the State Supervision Commission announced that Wang Zhenlin, former deputy secretary of the party committee and vice president of the Hebei Branch of the Agricultural Bank of China, was subject to disciplinary review and supervision and investigation. In the ABC system, Wang Zhenlin has a lot of seniority. Wang Zhenlin has been the Secretary of the Party Group and President of the Hebei Hengshui Branch of the Agricultural Bank of China since 1996, and has been developing in the Agricultural Bank of China since then, successively serving as a member of the Party Committee and Vice President of the Tibet Branch of the Agricultural Bank of China, the Deputy Secretary of the Party Committee and Vice President of the Hebei Branch of the Agricultural Bank of China, and the Deputy Inspector of the Hebei Branch of the Agricultural Bank of China.

Anti-corruption work in the financial sector has always been regarded as an important task by the central government. According to statistics, since the beginning of this year, nearly 30 central management cadres in the financial field and cadres of party and state organs, state-owned enterprises and financial units at the central level have been examined and investigated, involving financial regulatory agencies, banks, insurance, asset management companies and other fields. Among them, banks account for a relatively large proportion, and at least 18 people in the banking system have been investigated this year, including large state-owned banks, joint-stock banks, urban commercial banks, rural credit systems and policy banks.

In response to the case reported on the website of the Central Commission for Discipline Inspection and the State Supervision Commission in 2020, the website of the Central Commission for Discipline Inspection and the State Supervision Commission published an article analyzing that the anti-corruption in the financial sector has the following characteristics: a number of bank presidents have fallen from power and closely followed the problem of corruption in credit approval; the ghosts within financial supervision have been eliminated, and strong supervision has been promoted by strong supervision; and problems such as relying on business to eat and run business in violation of regulations have been strictly investigated.