Shanghai Industrial Investment: Another Chinese executive investigated by corruption watchdog

By Chicago 3 Min Read

Editor’s Note: Sign up for CNN’s Meanwhile in China newsletter, which explores what you need to know about the country’s rise and its impact on the world.

CNN Hong Kong —

Another business leader in China is under investigation by the country’s anti-corruption watchdog, a sign the situation is ongoing repression in the world’s second largest economy.

According to a CCDI report, Zhou Jun, president of state-owned Shanghai Industrial Investment, is being investigated by the Shanghai Municipal Commission for Discipline Inspection, a branch of the Central Commission for Discipline Inspection (CCDI). declaration Monday.

The CCDI said Zhou was “suspected of serious violations of discipline and law,” a phrase commonly used to refer to corruption. The agency added that he was “under disciplinary review and supervisory investigation,” without providing further details.

Shanghai Industrial Investment’s business spans infrastructure, property and pharmaceuticals.

Zhou also held positions at several Hong Kong-listed subsidiaries of the state-owned group, from which he resigned in recent days citing “personal matters”.

Zhou is the latest high-level leader in China to come under scrutiny by authorities. This year, more than a dozen senior executives from industries included technology, finance and real estate have disappeared, been detained or been investigated for corruption.

Just this month, the CCDI said it was investigating Zhang Hongli, a former senior executive vice president at the Industrial and Commercial Bank of China.

This was followed by a report from Chinese state media Cover news that tech entrepreneur Chen Shaojie had become unreachable, citing unconfirmed reports that he was under investigation. Chen is the founder and CEO of DouYu (DOYU), a Chinese live streaming service supported by Tencent.

The report does not say which authorities are behind the possible investigation. A company spokesperson said CNN said its operations remained “normal,” adding that it would announce “any significant news or material activity” in a “timely manner.”

The ongoing crackdown, driven by the ruling Communist Party’s desire for control and its growing national security concerns, has continued even as China’s economic recovery lingers. irregular.

International consultancy firms have also found themselves facing increasing risks, such as the possibility of raids OR detentions of managers.

The developments have had a chilling effect on China’s business community. Earlier this month, the head of a major Chinese investment firm said that entrepreneurs “are at the bottom, or flat” in the current environment.

Speaking of at the Bloomberg New Economy forum, Fred Hu, chief executive of Primavera Capital, said China needs to reform its legal system, including “protecting entrepreneurs from arbitrary political interference and, worse, even prosecution.”

Share This Article

It was Thursday night when we started to negotiate. Do we need to evacuate to the south or

It was Thursday night when we started to negotiate. Do we need

By Chicago

“Please go to a safer place. Your lives matter more than the news.” This is what a news a

“Please go to a safer place. Your lives matter more than the

By Chicago

“Botched” star @drdubrow took some time away from #BravoCon to fill us in on some of the h

“Botched” star @drdubrow took some time away from #BravoCon to fill us

By Chicago