"China Economic Weekly" reporter Sun Tingyang | Beijing report
Whether it is the "revolving door" of politics and business, or after retirement, corrupt trial officers cannot escape the scrutiny and investigation.
On June 10, the website of the China Securities Regulatory Commission announced that Feng Henian, the former director of the Shandong Securities Regulatory Bureau, was suspected of serious violations of discipline and law, and was under disciplinary review and supervisory investigation.
Eight days ago, on June 2, the website of the China Securities Regulatory Commission announced that Wang Zongcheng, the former director of the Accounting Department of the China Securities Regulatory Commission, was suspected of serious violations of discipline and law and was under disciplinary review and supervision.
Also on June 2, the Shenzhen Intermediate People's Court sentenced Tong Daochi, who worked at the China Securities Regulatory Commission, to the crime of accepting bribes and insider trading, and was sentenced to death with a suspended execution.
Feng Henian, Wang Zongcheng and Tong Daochi were all former issuance review and supervision officials of the China Securities Regulatory Commission.
Issuance supervision holds the power of listing and financing of companies, and has always been a key department of anti-corruption concerns.
Officials who have been dismissed from the trial have been practicing for 20 years, and some people have "corruption throughout their careers"
In addition to the above-mentioned three persons, those who have been investigated and dealt with by the CSRC in the field of issuance review in recent years also include Mao Bihua, the former secretary of the Party Committee and director of the Chongqing Bureau of the CSRC, Xu Tie, the former secretary of the party committee and director of the Shandong Bureau of the CSRC, and the investment of the CSRC. Zeng Changhong, former first-level inspector of the Protection Bureau, Cao Jian, member of the original issuance review committee of the China Securities Regulatory Commission, and Zhu Yi, member of the original issuance review committee of the China Securities Regulatory Commission.
Among the above-mentioned personnel, Mao Bihua was the earliest in issue supervision.
He started working in the China Securities Regulatory Commission in July 1996. He started as the chief staff member of the Issuance Supervision Department, then served as the director of the Chongqing Securities Regulatory Bureau, and then was investigated in December 2020. He has worked in the securities regulatory system for 24 years. year.
In the past 24 years, Mao Bihua's work has mainly been in the field of review. During this period, the stocks listed on the A-share market increased from 444 to 4,093 (as of December 2020, when Mao Bihua was sacked.) The conclusion of the investigation by the Disciplinary Committee Yes, his "corruption runs through his career".
According to the investigation results of the Disciplinary Inspection and Supervision Team of the Central Commission for Discipline Inspection and the State Supervision Commission of the China Securities Regulatory Commission and the Shandong Provincial Supervision Commission: Mao Bihua was willing to be "hunted", corruption throughout his career, long-term use of power and position influence to seek benefits for others, and illegally accepted huge sums of money property.
The Weifang City People's Procuratorate accused: From 1998 to May 2017, Mao Bihua served as the chief staff member of the Issuance Supervision Department of the CSRC, the deputy director of the Issuance Supervision Department of the Issuance Supervision Department, the deputy director of the Inspection Bureau, the deputy chief of the inspection team, The commander-in-chief, the secretary of the Party Committee and the director of the Chongqing Supervision Bureau have the convenience in their positions and the convenient conditions for the formation of their powers or positions, directly or through the behavior of other state staff in their positions, for the relevant units or individuals in the application for public offering stock review, case investigation, etc. for profit.
From November 1998 to the Spring Festival of 2020, illegally received property from relevant personnel, totaling more than 47.34 million yuan.
Mao Bihua pleaded guilty in court.
Xu Tie, who served as deputy director of the issuance supervision department of the China Securities Regulatory Commission and director of the Shandong Securities Regulatory Bureau, was investigated six years after his retirement.
In December 2019, the Disciplinary Inspection and Supervision Team of the Central Commission for Discipline Inspection and the State Supervision Commission of the China Securities Regulatory Commission and the Shandong Provincial Commission for Discipline Inspection announced that Xu Tie’s greed and greed were inflated, and he was willing to be “hunted” and turned public power into a tool for personal gain. Administrative approval, daily supervision and other functions and powers seek improper benefits for the supervision object, illegally accept other people's property, and the amount is particularly huge.
The Shandong Provincial Supervisory Committee transferred Xu Tie's suspected crime to the procuratorate for review and prosecution according to law, but so far there has been no news of the public hearing of Xu Tie's case.
Zeng Changhong, who worked in the Issuance Review and Supervision Department of the China Securities Regulatory Commission three months later than Xu Tie, worked longer in the issuance review department. She and Tong Daochi, Wang Zongcheng and Feng Henian all intersected.
Like Xu Tie, Zeng Changhong was also investigated after leaving the China Securities Regulatory Commission.
In October 2009, the GEM was launched. Zeng Changhong was the issuance supervision officer of the ChiNext at this time. Before that, she had been engaged in issuance supervision for 8 years.
Zeng Changhong was born in January 1961. From January 2001 to November 2009, he served as a cadre, director and deputy inspector of the Issuance Supervision Department of the China Securities Regulatory Commission; from November 2009 to December 2016, he served as the GEM of the China Securities Regulatory Commission. Deputy Director of Issuance Supervision Department and Deputy Director of Issuance Supervision Department.
According to relevant regulations, the retirement age of female cadres at the director and deputy division level and female professional and technical personnel with senior professional titles in government agencies and institutions is 60 years old.
Based on this calculation, Zeng Changhong should retire in January 2021.
But in August 2019, 17 months before the retirement age, Zeng Changhong was transferred from the China Securities Regulatory Commission.
Checked in October 2021.
According to the report of the Disciplinary Inspection and Supervision Team of the Central Commission for Discipline Inspection and the State Supervision Commission of the China Securities Regulatory Commission and the Hunan Provincial Commission for Discipline Inspection: Zeng Changhong has been working in key positions in securities issuance review for a long time. Evade supervision and regulation, continue to collect money arbitrarily; seek improper benefits for others in terms of corporate issuance and listing, refinancing review, etc., seriously disrupt the issuance review order, and damage the image of securities supervision; wantonly illegally accept other people's property and the stock of the company to be listed.
The intersection of Tong Daochi and Zeng Changhong was in the 10 months from August 2006 to April 2007, when Tong Daochi was the deputy director of the issuance supervision department of the China Securities Regulatory Commission.
Before that, Tong Daochi also served as the deputy director of the listed company supervision department of the China Securities Regulatory Commission.
And these two positions also appeared in Tong Daochi's judgment.
On June 2, the Tong Daochi case was sentenced in the first instance.
The court found that Tong Daochi took advantage of his positions as Deputy Director of the Listed Company Supervision Department of the China Securities Regulatory Commission, Deputy Director of the Issuance Supervision Department, and Secretary of the Sanya Municipal Party Committee to assist relevant units and individuals in matters such as listing of companies, business operations, financing loans, and rank promotions. The total amount of bribe-taking property is equivalent to about 274 million yuan.
During his tenure as deputy director of the Issuance Supervision Department of the China Securities Regulatory Commission, Tong Daochi engaged in insider trading and made a profit of about 3.38 million yuan.
For the two crimes, the court sentenced Tong Daochi to death with a two-year suspension of execution and a fine of 4 million yuan.
This is by far the heaviest case convicted of corruption by an official in the securities regulatory system.
Tong Daochi said in court that he would obey the court's decision and would not appeal.
Also on June 2, Wang Zongcheng was announced as "under investigation by disciplinary review and supervisory investigation".
He and Zeng Changhong worked together in the issuance review department for more than 4 years.
That is, from April 2012 to July 2016, Wang Zongcheng served as the inspector and deputy director of the GEM Issuance Supervision Department and Issuance Supervision Department of the China Securities Regulatory Commission.
From July 2012 to December 2013, Wang Zongcheng and Zeng Changhong were both deputy directors of the GEM Issuance Supervision Department of the China Securities Regulatory Commission, and the director at that time was Feng Henian.
Eight days after Wang Zongcheng was investigated, Feng Henian was also placed on file for investigation.
So far, in the past seven months, the three former directors and deputy directors of the GEM Issuance Supervision Department of the China Securities Regulatory Commission have been sacked.
After Feng Henian left the GEM Issuance Supervision Department of the China Securities Regulatory Commission, he was transferred to the Secretary of the Party Committee and Director of the Shandong Securities Regulatory Bureau.
He was then the chairman of Minsheng Securities.
Sentenced to death with reprieve or life
The cases of Zeng Changhong, Wang Zongcheng and Feng Henian are still pending further investigation.
Judging from the corruption cases involving officials in the CSRC's trial system that have already been tried or have been publicly judged, the amount involved is quite staggering, so the penalties are correspondingly heavier.
Tong Daochi was involved in the case with an amount of 274 million yuan and was given a suspended death sentence, second only to Lai Xiaomin who was sentenced to death.
Mao Bihua received a total of more than 47.34 million yuan in bribes, and so far there has been no public sentence.
But as early as 2018, Li Zhiling, the former director of the issuance supervision department of the China Securities Regulatory Commission, was sentenced to life imprisonment for accepting 42.05 million yuan in bribes.
According to the judgment, from 2003 to 2015, when Li Zhiling served as the chief staff member of the second audit division and the chief staff member of the fourth audit division of the Issuance Supervision Department of the China Securities Regulatory Commission, he took advantage of his position in charge of the company's initial public offering and financial review of refinancing applications. , to provide assistance for the relevant companies to obtain the approval for financing from the China Securities Regulatory Commission, and received or requested a total of 42.05 million yuan from the listed company and the person in charge of the sponsor, and a Mercedes-Benz brand car and other properties.
How will the Mao Bihua case be decided in the end?
Will the Li Chiling case provide precedent reference?
The issuance review committee was also investigated
Some of the committee members responsible for review have also been sacked.
In December 2021, the former member of the Issuance Review Committee of the China Securities Regulatory Commission and the deputy director of the Shanghai Stock Exchange's former Science and Technology Innovation Board Listing Review Center, was "double-opened" for serious violations of discipline and law.
Violations of laws and disciplines by manipulating ships include alienating the right of issuance review into a profit-making tool, illegally accepting a large amount of property, and illegally making profits by taking shares in the company to be listed, which is a huge amount.
From 2010 to 2012 and from 2014 to 2017, Caojian was a member of the Issuance Examination Committee of the Main Board of the China Securities Regulatory Commission.
He also served as the deputy general manager and general manager of the second review department of the SSE STAR Market Listing Review Center, the general manager of the third review department, and the deputy director of the STAR Market Listing Review Center.
One month earlier than the warship, that is, in November 2021, Zhu Yi, a member of the original issuance review committee of the main board of the China Securities Regulatory Commission, was suspected of serious violations of the law and was subject to supervision and investigation.
Zhu Yi's experience is similar to that of Feng Henian. He first worked at the China Securities Regulatory Commission, and after leaving the company, he went to a securities firm, where he was sacked.
From May 2012 to September 2017, Zhu Yi was a member of the Issuance Examination Committee of the Main Board of the China Securities Regulatory Commission. When he was investigated in August 2018, he was the assistant to the president of Guotai Junan Investment Co., Ltd., a member of the Executive Committee of Guotai Junan Investment Banking Department, and the general manager of the Investment Banking Department. manager.
On March 22, the China Securities Regulatory Commission convened a meeting on systematically and comprehensively governing the party and discipline inspection and supervision. The meeting emphasized that the key work should be to promote financial anti-corruption and deal with financial risks in an integrated manner, and resolutely manage the "revolving door" of politics and business; improve three-dimensional We will strengthen the supervision and restriction mechanism, deepen the use of power, transparent examination and approval, strengthen the prevention and control of corruption risks in key areas, and improve the overall quality and efficiency of supervision.