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Former Bank of China chairman under investigation for alleged ‘serious disciplinary violations’

  • 31. Mar 2023. 20:46
  • By The EU Times
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Former Bank of China Chairman Xiao Gang is under investigation by the Chinese government for alleged “serious disciplinary violations,” according to a statement released by the Chinese Central Commission for Discipline Inspection on Tuesday.

The Chinese government has not released any details about the nature of the alleged violations, but the statement said the investigation into Xiao’s conduct began on April 8.

Xiao Gang is a prominent Chinese banker and former chairman of the Bank of China, one of the country’s four largest state-owned banks. He was appointed to his post in 2013, and served until he resigned in 2017.

The Chinese Central Commission for Discipline Inspection is responsible for enforcing the country’s anti-corruption laws, and is part of the powerful Communist Party. It is not clear if the investigation into Xiao’s conduct is related to his work at the Bank of China.

The news of the investigation comes just days after Chinese President Xi Jinping called for a “decisive battle” against corruption, and urged government departments to “resolutely” investigate and punish corrupt officials.

It is unclear if Xiao Gang is facing criminal charges, but the investigation into his conduct could lead to formal charges and possible trial.

The news of the investigation into Xiao Gang’s conduct has raised questions about the Bank of China’s operations and the country’s efforts to crack down on corruption. It remains to be seen how the investigation will affect the Bank of China, and the financial sector as a whole.