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Former chairman of China Development Bank in probe over discipline violations

Former chairman of China Development Bank in probe over discipline violations
FILE PHOTO: China Development Bank Chairman Hu Huaibang attends the Asian Financial Forum in Hong Kong, China January 15, 2018. REUTERS/Bobby Yip -
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Bobby Yip(Reuters)
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BEIJING (Reuters) – The former party boss and chairman of China Development Bank, Hu Huaibang, is being investigated for suspected serious violations of discipline, the Central Commission for Discipline Inspection (CCDI) said on Wednesday.

The agency’s statement gave no details of which regulations or laws may have been breached.

Phone calls to the bank’s press office were not answered.

China Development Bank is the largest of China’s policy banks, which disburse funds to support government policy.

In February, the CCDI, China’s graft-busting agency, said that another former CDB executive, Guo Lin, had been expelled from China’s ruling Communist Party after an investigation found him guilty of “disciplinary issues”.

Since taking office in 2012, Chinese President Xi Jinping has overseen a sweeping anti-corruption drive that has ensnared numerous top officials.

(Reporting by Tony Munroe and Engent Tham; Editing by Clarence Fernandez and Michael Perry)

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