3 March, 2020
In November 2019, Gu Guoming, the former head of the Industrial and Commercial Bank’s Shanghai branch, was dismissed from his office and expelled from the Communist Party amidst bribery allegations.
The Central Commission for Discipline Inspection issued a statement that Gu was suspected of having accepted "extremely large amounts of bribes" by taking advantage of his position. It is further alleged that Gu made use of state-owned financial resources as bargaining chips with businessmen.
This investigation against Gu is a demonstration of the hard-line approach taken by the Chinese authorities against the financial sector over the last few years. A number of key figures in Shanghai's financial sector, including Gu, had been the target of investigations.
For further information, please contact:
Nanda Lau, Partner, Herbert Smith Freehills
nanda.lau@hsf.com
