China Economic Review

Huarong gets new anti-graft head following scandal

Troubled state asset manager China Huarong has been appointed a new anti-graft head after the company’s former chairman was put under investigation by state regulators a month ago.

Wu Jinglong, a veteran anti-graft official with previous senior positions at the supervisory bureau of the China Banking Regulatory Commission, was appointed by the commission’s present equivalent to “bring Huarong back to the healthy development track,” Caixin reports.

Huarong was hit with scandal in April when its chairman Lai Xiaomin was accused of “serious violations of party discipline and law” by the Central Commission for Discipline Inspection. Since the launch of the investigation, the country’s top manager of distressed assets has begun shedding its overseas holdings.