Chinese authorities put a former general manager of a local asset management firm under investigation, as the Communist Party further tightens oversight of the financial sector ahead of a key congress next month, reports Bloomberg.
Ao Chengwen, former general manager and Communist Party chief of Shenzhen-based Lion Fund Management, is being probed for alleged severe violations of party disciplines and law, the city’s anti-graft agency said in a statement posted on its WeChat account.
Ao was removed from his post at Lion Fund in 2019 and had previously worked at a unit of Sinochem Group, according to the statement. It didn’t offer details of the investigation.