Former China Development Bank head facing investigation

Former China Development Bank head facing investigation

NewsHu Huaibang (胡怀邦), former party secretary and chairman of China Development Bank has been put under investigation.

Quick Take: This has been the most high-profile case in the financial industry lately, though Hu’s investigation is not a total surprise. In October 2018, Hu was mentioned twice in the sentencing of Wang Sanyun (王三运), former Gansu party secretary who had been investigated since July 2017. Through Hu, Wang was able to provide financial assistance to companies close to him. Wang and Hu had extensive working relationship during Wang’s tenure in Gansu: China Development Bank made several major loans/investments in support of Gansu’s development. A scholar-official with more than a hundred academic publications, Hu’s stellar contribution wasn’t able to save him from the troubles he created in Gansu and potentially beyond.