Former Chinese Securities Regulator Faces Investigation Amid Anti-Corruption Drive

Yi Huiman, a former chief of China's Securities Regulatory Commission, is under investigation for alleged legal violations. This move, part of a broader anti-corruption crackdown, reflects the Communist Party's zero-tolerance policy. Previously at ICBC, Yi was replaced at CSRC last year following a domestic market selloff.

Yi Huiman, a former top official with the China Securities Regulatory Commission, is currently under investigation for suspected violations of Chinese law, according to an announcement by Beijing's anti-corruption watchdog on Saturday. The Central Commission for Discipline Inspection stated that Yi, who once led the CSRC, is suspected of serious breaches of discipline and law.

The commission did not provide additional information. However, sources close to the matter informed Reuters that the investigation started last week. The news comes amid China's intensified anti-corruption campaign targeting high-level officials, such as senior naval officer Miao Hua.

The CSRC remarked on its website that Yi's investigation underscores the Chinese Communist Party's zero tolerance for corruption, emphasizing their commitment to a thorough anti-corruption battle. The agency pledged to enhance supervision and promote high-quality capital market development within the framework of China's sustained economic recovery.

(With inputs from agencies.)