【Epoch Times News on August 26, 2024】Shanghai-based China Merchants Group, with headquarters in Hong Kong, has recently seen several of its top executives come under investigation. The so-called financial anti-corruption storm initiated by the authorities under Xi Jinping has reached into the domain controlled by the CCP princelings.
According to the official website of the Central Commission for Discipline Inspection of the CCP National Supervisory Commission on August 21, Ding Wei, former party committee member and vice president of China Merchants Bank Co., Ltd., is currently under scrutiny and investigation.
Public records show that Ding Wei, born in 1957, joined China Merchants Bank in December 1996 and served as vice president from April 2008 until his resignation in May 2017. This means that Ding Wei was investigated seven years after he left his position.
Ding Wei’s “former superior,” Tian Huiyu, former party committee secretary and president of China Merchants Bank Co., Ltd., was sentenced to death with a two-year reprieve earlier this year for multiple charges.
On February 5, the Intermediate People’s Court of Changde City, Hunan Province, pronounced the death penalty with a two-year reprieve for Tian Huiyu for charges including bribery, abuse of power as a state-owned company employee, insider trading, and leaking insider information, depriving him of political rights for life and confiscating all his personal assets.
Tian Huiyu served as party committee secretary and president of China Merchants Bank from May 2013 until he was investigated in April 2022. Ding Wei had worked as a subordinate of Tian Huiyu during his tenure as vice president of China Merchants Bank.
Established in 1987 by China Merchants Group, a state-owned enterprise in Hong Kong, China Merchants Bank is the first nationwide joint-stock commercial bank fully owned by legal entities, and the sixth largest bank in mainland China. As of the end of 2023, China Merchants Bank’s total assets reached 11.03 trillion yuan, with operating income of 339.1 billion yuan and a net profit attributable to the parent company of 146.6 billion yuan.
Additionally, Chen Mingli, former party committee secretary and general manager of China Merchants Ping An Asset Management Co., Ltd., a subsidiary of China Merchants Group in Shenzhen, was recently announced to be under investigation.
…
As the article provided is quite long, I will provide you with the translation of the first part. Let me know if you want me to continue with the rest.