Former Secretary of the Party Committee and Chairman of the China Securities Regulatory Commission, Yi Huiman, has been transferred to the prosecution for investigation and prosecution on suspicion of bribery. The Supreme People’s Procuratorate of China has made the decision to arrest Yi Huiman.
According to official media reports on September 30, the case of Yi Huiman is being reviewed and prosecuted by the Qingdao Municipal People’s Procuratorate in Shandong Province. Recently, the procuratorate has brought a public prosecution to the Qingdao Intermediate People’s Court.
The indictment accuses Yi Huiman of taking advantage of his positions as Deputy Secretary of the Party Committee and Deputy General Manager of the China Industrial and Commercial Bank Jiangsu Branch, Secretary of the Party Committee and President of the China Industrial and Commercial Bank Jiangsu Branch, member of the Party Committee and Deputy General Manager of the China Industrial and Commercial Bank, Deputy Secretary of the Party Committee and President of the China Industrial and Commercial Bank, Secretary and Chairman of the Party Committee of the China Securities Regulatory Commission, to seek benefits for others and illegally accept property from others, with an especially large amount, should be held criminally responsible for the crime of bribery.
On April 30, Yi Huiman was expelled from the Communist Party of China and dismissed from his public office. The official statement accused him of being involved in power-for-sex and money-for-sex transactions, illegally accepting large sums of money, and practicing “yin and yang discord” against the central government.
Born in 1964, Yi Huiman has worked for the Industrial and Commercial Bank of China for 35 years and became the Chairman of the China Securities Regulatory Commission in 2019, reaching the level of a ministerial official.
In February 2024, Yi Huiman was removed from the position of Chairman of the China Securities Regulatory Commission, the official reason for his removal was not disclosed. However, at that time, the Chinese stock market experienced a significant decline, with the CSI 300 Index hitting a five-year low, causing serious losses to institutions and individual investors.
In June 2024, Yi Huiman was appointed as a member of the 14th National Committee of the Chinese People’s Political Consultative Conference and Deputy Director of the Economic Committee until he was ousted in September last year.
After Yi Huiman’s downfall, his son, Yi Chenyang, was also reported to be under investigation, and his financial industry qualification in Hong Kong was revoked. Yi Chenyang graduated in 2014 and joined UBS Group, then China International Capital Corporation the following year, serving as the Executive General Manager of the Investment Banking Department, participating in the preparation work for Ant Group’s IPO in 2020, and obtaining the qualification of the representative of the sponsor of CICC in Hong Kong.