CHINA-US: US SEC INVESTIGATIONS
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The U.S. Securities and Exchange Commission (SEC) issued a subpoena in late April to the JP Morgan bank requesting all of its communications related to 35 mostly high-ranking Chinese government officials. PBSC member and CDIC Chairman Wang Qishan’s name was first on the list .The Wall Street Journal has a copy of the subpoena. Investigators have focused on the bank’s employment of the son of China’s commerce minister, Gao Hucheng, who offered to help the bank if it let his son hold on to his job at J.P. Morgan, according to emails between J.P. Morgan bankers. The list of Chinese government officials on the subpoena includes Minister of Public Security Guo Shengkun, People’s Bank of China Vice Governor Pan Gongsheng, the Chairman of state-owned grain trader Cofco Corp., “Frank” Ning Gaoning, and a senior executive at state-owned shipping giant Cosco Group, Sun Jiakang. The list also names officials of the State-owned Assets Supervision and Administration Commission, which manages China’s state-owned companies, and regulators for the insurance, banking and securities industries. Others are Fu Chengyu, retiring chairman of oil refiner Sinopec, and Xiang Junbo, an insurance regulator who urged J.P. Morgan’s chief executive to hire a young associate of his. None of the Chinese officials connected in media reports to bank hires have faced censure in China.
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