China’s top anti-corruption watchdog has launched investigations against several executives linked to the country’s largest chip investment fund, as Beijing steps up scrutiny of the sector in its race for technological self-sufficiency, reports the Financial Times. Chinese authorities revealed this week they are investigating three former executives connected to the National Integrated Circuit Industry Investment Fund, called the “Big Fund,” which raised $51 billion in its last two funding rounds.
China’s Central Commission for Discipline Inspection (CCDI) said it was investigating Du Yang, former director at SINO IC Capital, which manages the Big Fund’s assets, for “suspected serious violations of disciplines and laws.” The CCDI said it was also investigating two former investment managers at SINO IC Capital, Yang Zhengfan and Liu Yang.
At least five chip fund executives have been put under investigation for fraud in the past two months. The probes follow the collapse of state-backed conglomerate Tsinghua Unigroup, a semiconductor manufacturer which began a court-ordered restructuring last year.