China Examines Previous NDRC Finance Chief In Bribe Probe

September 1, 2014 Nemes Finance

BEIJING (Reuters) – A former director at Chinas economic planning agency who manage business bond concerns between 2003-2006 is being examined, the nations top district attorney stated on Friday, the latestthe most up to date official to be implicated in an anti-corruption drive.

Zhang Dongsheng, who was more recently the head of the employment and income distribution department at the National Development and Reform Commission (NDRC), was presumed of taking bribes, the Supreme Peoples Procuratorate stated on its main microblog.

Zhang has been placed under coercive measures, it stated, describing actions under law that consist of domestic surveillance, detention and arrest. It did not define which steps had been taken and provided no further details.

The NDRC did not reply to Reuters demands for more information.

Financial information publication Caixin recently reported that Zhang, who was the one-time director general of the finance department, is being investigated in relation to business bonds provided in 2005.

Chinese President Xi Jinping has actually made beating pervasive graft a central style given that handling the job last year and has alerted, like others prior to him, that corruption threatens the survival of the judgment Communist Celebration.

The NDRC is liable for authorizing the issuance of bonds of more than one year by non-listed business and non-financial companies.

Zhang was transferred to head NDRCs work and earnings distribution division in 2007, though he had retired in recent months.

Last October, Chinese media reported that police were investigating three fixed-income executives from brokerage Guosen Securities including the president of its fixed earnings arm, Sun Mingxia.

Caixin said in its report that Sun had actually provided a list of 100 individuals during the probe, which includedthat included Zhangs name. Zhangs department managed a golden age of business bond issuance from 2003-2006 under his leadership, it said.

The Communist Celebration earlier this month revealed an investigation into previous domestic security chief Zhou Yongkang, the highest profile figure caught up in the anti-corruption project.

(Reporting by Michael Martina; Editing by Kim Coghill)

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