Beijing
A senior executive at a major Chinese state-backed investment firm is being investigated for corruption, the government's anti-graft body said on Sunday, as a relentless crackdown on graft continues. extends across the financial sector.
Xu Zuo, vice chairman of China Citic Group, is “suspected of serious disciplinary and legal violations”, the Communist Party's Central Commission for Discipline Inspection said in an online statement, without giving further details.
Citic Group is a large state-run investment conglomerate with total assets equivalent to more than $1.5 trillion last year, according to its official website.
Xu, a senior economist with experience in overseas acquisitions and restructuring, has served on the company's executive committee since 2019.
Chinese President Xi Jinping has led a near-constant crackdown on official corruption since coming to power more than a decade ago.
Supporters say the campaign encourages clean governance, while critics say it also serves as a way for Xi to purge his political rivals.
Anti-corruption agencies have turned their attention to the financial sector in recent months, notably banks, insurance companies and state-owned companies.
Last month, Bai Tianhui, former chief executive of another major state-backed asset management company, Huarong, was sentenced to death after being found guilty of accepting more than 1.1 billion yuan ($151.8 million) in bribes.
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