What’s new: China’s anti-graft watchdogs investigated more than 6,900 cases of legal and disciplinary violations in the financial system by government officials and industry insiders last year, according to an official statement (link in Chinese) published Monday.
What’s the background: The news comes after Sun Deshun, a former president of state-owned China Citic Bank Corp. Ltd., was arrested (link in Chinese) for alleged bribe-taking, one of the latest major corruption cases in the financial system.
Sun allegedly used his power to approve loans as a bargaining chip to take large bribes and seek benefits for his relatives and friends.
Quick Takes are condensed versions of China-related stories for fast news you can use. To read the full Caixin article in Chinese, click here.
Related: Ex-Boss of Citic Bank Expelled From Communist Party for Bribery
Contact reporter Guo Yingzhe (yingzheguo@caixin.com) and editor Matthew Walsh (matthewalsh@caixin.com)
