China is investigating an executive at one of its biggest state-backed distressed debt managers for graft, six months after a former senior banking official was executed over corruption charges.
Hu Xiaogang, vice-president of China Great Wall Asset Management, is under investigation by the Central Commission for Discipline Inspection, the country’s anti-corruption watchdog, for suspected “severe” violations, according to a statement published by the China Banking and Insurance Regulatory Commission.
The probe is the latest indication of possible financial misconduct in the top ranks of China’s “bad debt” asset management companies, as concerns rise over their high debt levels and falling profits.
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