After two months, CICC, a top investment firm known as “China Goldman Sachs”, broke another peach scandal. Chen Gang, the compliance director of CICC, was suspected of having an affair with a female subordinate, and admitted to doing wrong after being questioned by her husband on the phone. The recording was sent to CICC’s client group, igniting public concern. The same night, CIMB issued an announcement to suspend Chen Gang as compliance director.
In the conversation uploaded by “ma yunhua”, a man claimed to be Ma Junhua’s husband and questioned “Chen’s lawyer” for having an affair with his wife, saying that he called his wife Ma Junhua “wife” on his cell phone. The man said he called his wife Ma Junhua “wife” on his mobile phone.
According to Sina Finance, “Lawyer Chen” is the compliance director of CICC, Chen Gang, and Ma Junhua is his subordinate. It is suspected that Ma Junhua’s husband sent the recording of his call with Chen Gang to the client group of CICC, exposing the matter and igniting public opinion.
In the phone recording, the man questioned the “Chen lawyer”: “You call my wife wife, we both a wife, how else to talk?” And asked the other side to give an explanation.
The man also questioned: “Do you think this is the right thing to do? We are both educated, I am a legal husband, as far as I know, you are also married, you also have children.”
Pressed, Chen admitted that he “did not do the right thing”. But then explained that “things in this world are more complicated”, “we can not do everything right, but in the end to be a good person.” This statement has been hot on the Internet.
Chen also asked the other party to take more responsibility, the man said, “You slept with my wife, but also I have to take more responsibility?”
The recording sparked internet attention after it was exposed in the CIMB client group.
CICC is a top investment institution on the mainland, but it has been plagued by scandals. In January this year, the executive general manager of CICC Capital, Han Tao, was reported to have had an affair with a female colleague surnamed Yang, set up a private fund, transferred tens of millions of benefits, often had public money for rooms, and lived a rotten life, the incident sparked an outcry.
In January this year, Han Tao, the executive general manager of CICC Capital, was reported to be having an affair with a female colleague, which shocked the financial circle. (Screenshot)
After about two months of investigation, Chief Executive Officer (CEO) Huang Chaohui finally issued an internal document a few days ago to severely deal with seven disciplinary employees, of which Han Tao was fired, and another six staff members, including Gao Qing and Xiao Feng, were sentenced to demotion and transfer, performance penalty, serious warning and critical education.
Huang Zhaohui in the internal letter did not forget to caution other colleagues: “Please all staff to learn a lesson, take this as a warning.” Do not want a few days after another scandal.
A few hours after the scandal broke, on the evening of April 7, CICC issued an announcement saying that Chen Gang, the company’s current compliance director, could not continue to perform his duties as compliance director due to health reasons. The company’s chief executive officer will assume the duties of compliance officer from the effective date until a new compliance officer is hired by the company.
It was reported that on April 7, CICC held the 12th meeting of the 2nd Board of Directors and passed the “Proposal for the Chief Executive Officer to Act as Compliance Officer of CICC” with 8 votes in favor, 0 votes against and 0 abstentions.
CICC issued an announcement to suspend Chen Gang from his position. (Screenshot)
Founded in 1965, CICC is the first investment bank in mainland China with over $340 billion in assets under management and has a long-standing reputation in the industry as “China’s Goldman Sachs”. According to SkyEye, CICC Capital is a wholly-owned subsidiary of CICC, with $3 billion in funds under management and over $2 billion in cumulative investments.
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