(Reuters) -China’s former securities watchdog chief Yi Huiman was taken away by authorities last week for an investigation, people with knowledge of the matter said. Yi was unexpectedly ousted as chairman of the China Securities Regulatory Commission (CSRC) in February last year amid a brutal selloff in the domestic stock markets that pushed the benchmark […]
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Former China securities regulatory chief Yi under investigation, sources say
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(Reuters) -China’s former securities watchdog chief Yi Huiman was taken away by authorities last week for an investigation, people with knowledge of the matter said.
Yi was unexpectedly ousted as chairman of the China Securities Regulatory Commission (CSRC) in February last year amid a brutal selloff in the domestic stock markets that pushed the benchmark index to a five-year low and left institutional and retail investors scrambling to cut their losses.
The Chinese authorities did not give any reason for Yi’s removal at that time.
The sources, who declined to be identified due to the sensitivity of the matter, said that Yi was being investigated for alleged corruption, including whether his relatives obtained improper benefits during his tenure as the CSRC chief. They did not provide further details.
Yi could not be contacted for a comment. Officials at the CSRC, the State Council Information Office, which handles media queries on behalf of the Chinese cabinet, and the country’s top anti-graft body Central Commission for Discipline Inspection (CCDI) did not immediately respond to Reuters request to comment.
(Reporting by Reuters staff; Editing by Kim Coghill)