A Chinese insurance regulator, Xiang Junbo, asked JPMorgan Chase (JPM.NYSE) chief executive Jamie Dimon to hire a young job applicant who was a family friend, The New York Times reported, citing confidential emails. Dimon met with the applicant in June 2012 where the applicant acted as an interpreter for the Chinese insurance regulator. Neither Xiang nor Dimon have been accused of any wrongdoing, as it is not prohibited. However, the hiring would be a violation of the Foreign Corrupt Practices Act if it can be shown that a bank explicitly swapped job offers for business deals with Chinese government officials.
Categories