Recently, multiple senior executives of companies supervised by the State-owned Assets Supervision and Administration Commission of Shanghai have been investigated. Former executives who were taken down earlier are also being further handled. Analysis indicates that the “financial bag” of the Jiang Zemin family is being further cleansed.
According to the official website of the Shanghai Municipal Commission for Discipline Inspection and Supervision, on August 28, Jiang Chengjun, former deputy general manager of Shanghai Haitong Securities Co., Ltd., is under investigation for serious violations of discipline and law.
Jiang Chengjun, 56, fled abroad in July on suspicion of serious crimes related to his duties. Official reports state that Jiang Chengjun was “arrested overseas and repatriated.” However, no specific details about the time and location of his fleeing or the repatriation have been provided by the authorities.
Previously, on July 31, Haitong Securities announced that the board of directors received Jiang Chengjun’s resignation report due to personal reasons, requesting to step down from the position of deputy general manager. His resignation took effect from the date of submission.
Haitong Securities is one of the financial service companies directly supervised by the State-owned Assets Supervision and Administration Commission of Shanghai. It is known that Jiang Chengjun had worked at Haitong Securities for 24 years, and his total pre-tax compensation last year was 1.9774 million yuan (approximately 279,000 USD).
In addition to Jiang Chengjun, several other executives of institutions under the supervision of the Shanghai State-owned Assets Supervision and Administration Commission have also been investigated recently.
Chen Wenjun, deputy general manager of Shanghai United Property Rights Trading Service Co., Ltd., was officially announced for investigation on August 23. The company, established by the Shanghai government, is responsible for handling various property rights transactions in areas including state-owned assets, corporate equity, land-use rights, intellectual property, among others.
Lu Ming, former deputy general manager of Shanghai Urban Life Enterprise Development Co., Ltd., was officially announced for investigation on August 19. The company belongs to the Bright Food Group directly supervised by the Shanghai State-owned Assets Supervision and Administration Commission. Bright Food Group, formerly known as Shanghai Yimin Food Factory, was where the former Communist Party leader Jiang Zemin began his career.
Hu Xin, deputy general manager of Shanghai Chengtou Group Co., Ltd., a company mainly engaged in urban infrastructure investment, construction, and operation management under the supervision of the Shanghai State-owned Assets Supervision and Administration Commission, was officially announced for investigation on July 22.
Furthermore, three officials who were previously investigated have recently faced further processing.
On August 8, Bai Tinghui, former director of the Shanghai State-owned Assets Supervision and Administration Commission, stood trial for bribery at the First Intermediate People’s Court of Shanghai. Bai Tinghui was accused of illegally accepting bribes totaling over 88.91 million yuan (approximately 12.54 million USD). Bai Tinghui pleaded guilty in court, and the sentencing of the case is pending.
On August 5, Zhou Jun, former president of Shanghai Industrial Group Co., Ltd., supervised by the Shanghai State-owned Assets Supervision and Administration Commission, stood trial for corruption and bribery at the Second Intermediate People’s Court of Shanghai. Zhou Jun was accused of embezzling public funds together with others during his tenure as the president of the Industrial Group, totaling over 154 million yuan (approximately 21.72 million USD).
Chen Demei, former deputy general manager of Shanghai Automotive Group Co., Ltd., supervised by the Shanghai State-owned Assets Supervision and Administration Commission, was officially announced for disciplinary review on August 1, and was expelled from the party and had his retirement benefits revoked.
In another case, Dong Yunhu, former director of the Standing Committee of the Shanghai Municipal People’s Congress, was convicted of bribery on August 28 at the Intermediate Court in Hefei, Anhui Province. Dong Yunhu was found guilty of receiving bribes amounting to over 148 million yuan (approximately 20.87 million USD), sentenced to life imprisonment, deprived of political rights for life, and had all personal assets confiscated.
Political commentator Li Yanming has repeatedly told the Epoch Times that the Shanghai State-owned Assets Supervision and Administration Commission has long been deeply manipulated by Jiang Zemin’s son, Jiang Mianheng, and the interests of the Jiang family are closely intertwined with the Shanghai State-owned Assets Supervision and Administration Commission. The frequent takedowns of high-level executives within the commission and its supervised enterprises and financial institutions indicate an escalation in the struggle for control over financial interests, as the Jiang family’s sphere of influence is being further cleansed.
Public records show that Jiang Mianheng is the founder, chairman, and legal representative of Shanghai Alliance Investment Company, a subsidiary of the Shanghai State-owned Assets Supervision and Administration Commission, primarily investing in significant infrastructure construction, technological upgrades, high-tech, agriculture, real estate projects, and other related projects.