After Lai Xiaomin (pictured) was executed for bribery, embezzlement and bigamy, another financial executive has also fallen.
After the execution of Lai Xiaomin, the former chairman of Huarong, Lin Chuanwei, the vice president of Bank of China Fujian Branch, has also fallen, and the outside world questions how many tigers and flies there are in the financial sector.
The website of the State Supervision Commission of the Central Commission for Discipline Inspection of the Communist Party of China (CCDI) reported on February 6 that Lin Chuanwei, a member of the party committee and deputy governor of the Fujian branch of the Bank of China, was investigated for allegedly committing “serious disciplinary violations.
Lin Chuanwei, 56, a native of Minhou, Fujian province, has been working in the Bank of China system. He was the director of the accounting department and general manager of the planning and finance department of Bank of China Nanping Branch and Fujian Branch, as well as assistant to the president, deputy president and chief financial officer of Bank of China Yunnan Branch.
In March 2011, Lin Chuanwei was transferred back to Fujian Province again as a member of the Party Committee, Vice President and CFO of Bank of China Fujian Branch; in October 2016, he also served as Secretary of the Party Committee and President of Fuzhou Branch.
Since December 2020, he has served as a member of the Party Committee and Vice President of Bank of China Fujian Branch.
Lin Chuanwei, a powerful figure in Bank of China Fujian Branch, served as its vice president and chief financial officer for nearly 10 years, and he is another fallen executive in the financial sector after the execution of Lai Xiaomin, the former chairman of Huarong.
On January 29, Lai Xiaomin, former Party Secretary and Chairman of Huarong, was executed for embezzlement, bribery and bigamy, becoming the first senior official at the vice ministerial level to be executed for corruption since the 18th CPC.
In recent years, the Chinese Communist authorities have strengthened their anti-corruption efforts in the financial sector, resulting in the fall of numerous bank presidents and vice presidents.
On January 12, Zhang Linwu, a senior expert at the Second Bureau of Evaluation of the China Development Bank, was investigated. Zhang Linwu was the president of the Hebei Branch of China Development Bank, the director of the General Office of China Development Bank, and the president of the Chongqing Branch of China Development Bank.
Last year, at least dozens of governors, deputy governors and other financial executives fell, including Guo Jizhuang, former governor of the Qinghai branch of China Construction Bank, Ma Snap, deputy governor of the Hebei branch of the Bank of Communications, Yu Chengxin, governor of the Harbin branch of CITIC Bank, Guo Lin, former executive member of China Development Bank, Wen Yaoqing, deputy governor of Hubei Bank, Gao Weidong, governor of the Yulin branch of Agricultural Bank, Xu Weidong, deputy general manager of the private banking department of ICBC Liu Xingfu, president of the Baiyin branch of the Agricultural Bank of China, and Tang Song, president of the Wuzhou branch of the Agricultural Development Bank of China.
According to the official notification of the Chinese Communist Party, they “rely on the bank to eat the bank, both officials and businessmen”, and form a chain of interests with loan customers to “hunt” and be “hunted”, some of them even Some even “put on a new vest, by others to hold shares, stocks, property” and so on, the modus operandi is very diverse.
The outside world said, China’s financial system “how many insiders”, as long as the authorities want to investigate, want to investigate who, an accurate investigation, almost no one clean. They believe that this is because of the authoritarian system of the Chinese Communist Party, where the leaders are in charge and no one dares to supervise, and sovereignty is not in the hands of the people.
The former chairman of Huarong, Lai Xiaomin, who has just been executed, should be one of the typical representatives of the financial system executives who have fallen from grace.
In addition to taking 1.788 billion yuan (RMB) in bribes and embezzling 25.13 million yuan, Lai Xiaomin was also disclosed to have “3 100s”: more than 100 mistresses, more than 100 suites, more than 100 connections, and more than 200 million yuan in cash hidden in his Home.
The officials in charge of the case said that Lai Xiaomin material possessiveness is very strong, he has dozens of watches, simply can not use; famous cars are also the same, Bentley, Mercedes, Alfa, the basement garage of the whole row of million luxury cars are his.
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