State media Huanqiu reported that Zhang Yun, president of the Agricultural Bank of China has been taken into custody because of inquiries into corruption. The Agricultural Bank of China is one of the four State-owned commercial banks. The other three banks are the Industrial and Commercial Bank of China, the China Construction Bank, and the Bank of China.
According to Huanqiu, those in senior management at the four State-owned commercial banks are worried because the number of whistleblowers inside the banks is surging. Following what happened at the Agricultural Bank of China, there will be more “disappearances” in other financial institutions. However, it is certain that those who “disappear” will not be able to flee China.
Huanqiu also reported that those in mid to high level management in China’s financial institutions have been warned that they cannot resign, retire, or leave China.
Starting in late October, the CCP’s Central Commission for Discipline Inspection (CCDI) sent inspection teams to conduct investigations into corruption at the China Banking Regulatory Commission, the China Securities Regulatory Commission, the People’s Bank of China, the China Insurance Regulatory Commission, the four State-owned commercial banks, and major insurance companies. A total of 31 financial institutions were to be investigated.
Source: Huanqiu, November 2, 2015