
Lee Hui-man, former chairman of the SCA, is accused of taking a large bribe using his position.
AI-generated summary
Chinese authorities are investigating high-ranking financial authorities and banking figures under an anti-corruption policy.
(Seoul = Yonhap News) Reporter Kwon Sook-hee = Amid the Chinese authorities' high-intensity investigation policy, the former chairman of the China Securities Regulatory Commission (CSRC) was indicted on charges of bribery.
According to reports from China's state-run Xinhua News Agency, Reuters, and Bloomberg News on the 30th, China's Supreme People's Procuratorate announced that it had indicted former Chairman of the SRC on charges of bribery. The authorities decided to arrest him.
He is accused of taking bribes using his position while working at the Securities and Exchange Commission and the Industrial and Commercial Bank of China (ICBC).
Chinese state media did not mention his specific crimes, but explained that he used his official authority to provide benefits to others and received large sums of bribes.
He is suspected of providing facilities such as appointment of executives, approval of listing, and financing in exchange for a large bribe.
The authorities also pointed out that he did not properly implement key policy decisions related to the capital market.
China's Supreme People's Procuratorate reportedly indicted him after a year-long investigation.
He was dismissed from his position as Chairman of the Board of Governors in February 2024.
Under the anti-corruption policy, Chinese authorities are conducting extensive investigations not only of high-ranking financial authorities but also of banking figures.

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