China Probes Former Mutual Fund Executive in Anti-Graft Push

(Bloomberg) -- Chinese authorities put a former general manager of a local asset management firm under investigation, as the Communist Party further tightens oversight of the financial sector ahead of a key congress next month.

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Ao Chengwen, former general manager and Communist Party chief of Shenzhen-based Lion Fund Management Co., is being probed for alleged severe violations of party disciplines and law, the city’s anti-graft agency said in a statement posted on its WeChat account.

Ao was removed from his post at Lion Fund in 2019 and had previously worked at a unit of Sinochem Group Co., according to the statement. It didn’t offer details of the investigation.

The Communist Party declared its anti-corruption dragnet of financial institutions a success in June, after dozens of officials in the industry had been investigated or penalized since the crackdown began in October.

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