China’s Supreme People’s Procuratorate (SPP) said on April 22 that top prosecutors arrested Zeng Changhong, a former first-level inspector of the China Securities Regulatory Commission (CSRC) for alleged bribes taking.
Zeng has been a veteran official at CSRC since 1998. She served as a deputy director of the Department of Public Offering Supervision and a senior inspector in the Investor Protection Bureau.
According to the prosecutors, she is now accused of taking advantage of her position for personal financial gain.
The 61-year-old official is well-known as IPO ‘Big Sister’ since, as reported by CaixinGlobal, she has a decisive say in share sale approvals.
According to the Central Commission for Disciplinary Inspection (CCDI) statement, she was under investigation in October 2021. Besides, she was formally expelled from the Communist Party on April 1 for improperly accepting gifts and shares of firms seeking listings.
The anti-corruption body added that Zeng also used her influence to seek illegitimate benefits for others in refinancing reviews and corporate listings.
CCDI said that the sums of the suspected crimes are particularly huge, the nature is serious, and the impact is severe and should be dealt with seriously.
The alleged bribe figure has not been disclosed; however, CaixinGlobal reported from various sources that it could reach hundreds of millions of yuan.
Since Beijing launched an anti-corruption investigation focused mainly on the 60-trillion-dollar financial sector last October, more than two dozen senior officials have been under probes or penalties. Cai Esheng, former vice chairman of China’s banking regulator, and Zhao Weihua, Chairman of 37-year-old Zhongyuan Trust Co., Ltd. are among them.