BEIJING, April 18 (Reuters) – A senior official at China’s banking regulator is set to be named chairman of China Huarong Asset Management Co Ltd, replacing the former head who is under investigation for alleged corruption, two people with knowledge of the matter told Reuters on Wednesday.
The official, Wang Zhanfeng, is the head of the Guangdong branch of China’s banking regulator.
Li Xin, chief supervisor of China Orient Asset Management Co Ltd, will be named president of Huarong, one of China’s largest state-owned bad debt managers, the people added, declining to be identified as the information was not public.
When contacted, a representative for Huarong referred to a filing. A filing has yet to be made, according to checks by Reuters. China Orient declined to comment.
The appointments were announced to a small group of executives internally on Wednesday, one of the sources said.
China’s anti-corruption watchdog, the Central Commission for Discipline Inspection, said on Tuesday it is investigating Huarong Chairman Lai Xiaomin for suspected “serious discipline violations”, a euphemism for graft, the latest in a string of probes into high-profile financial executives.
Huarong’s Hong Kong-listed shares, which have a market value of HK$124 billion ($15.80 billion), were suspended from trade on Wednesday, pending a statement.
The personnel changes will “have a large impact” on the operations of Huarong, a company Lai had headed since 2009, the source added.
($1 = 7.8499 Hong Kong dollars) (Reporting by Shu Zhang, Li Zheng and Ryan Woo; Editing by Edwina Gibbs)
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