July 28, 2021
Markets

Sichuan Financial Regulator Comes Under Graft Probe

A senior financial regulator in southwest Sichuan province became the latest target of an anti-graft probe in China’s sweeping crackdown on financial market misconduct.

Li Guorong, the deputy head of the Sichuan branch of the China Banking and Insurance Regulatory Commission (CBIRC) was put under investigation “on suspicion of serious violation in law and discipline,” China’s top anti-corruption watchdog said Wednesday. No details about the reason for the probe were given.

Li, 46, was deeply involved in the top banking regulatory body’s campaign to defuse financial risks.

He was the deputy head of a team appointed by the CBIRC and the central bank to take over the troubled Baoshang Bank in 2019 in China’s first state seizure of a commercial bank in 20 years. In February this year, the Inner Mongolia-based bank was declared bankrupt by a court, becoming China’s…

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