The former president of China Merchants Bank has reportedly been arrested due to alleged bribery and abuse of power, six months after he stepped down from the local lender.
Tian Huiyu has been arrested on suspicions of taking bribes and abusing power, according to a report by state-owned «CCTV» citing the nation’s top prosecutor.
Tian was the ex-CMB president from 2013 to April this year when he abruptly left in the midst of the worst single-day trading session for the Chinese lender’s shares. Tian was also expelled from the Communist Party earlier this month, according to an announcement by the anti-graft agency Central Commission for Discipline Inspection (CCDI), which said he had «no bottom line of discipline» while collecting illicit gains.
Tian’s arrest is part of a broader anti-corruption drive by Beijing which has seen dozens of financial professionals investigated or penalized since October last year.
