Anti-Graft Efforts: Officials and Ipo Department

anti-graft efforts: The meeting was held as China intensifies its corruption crackdown in the financial sector, according to Global Times China. On June 14, CCDI said Xu Tie, a senior CSRC official at its Shandong bureau, was placed under investigation for alleged wrongdoings. Top officials at the IPO department of the CSRC and those serving executive roles were told to enhance anti-graft efforts and to be clean at a meeting with discipline inspection officials, according to a statement on the website of the CCDI and the National Supervisory Commission. As of June 18, at least 20 officials from the financial sector had been placed under investigation or expelled from the Party, domestic news portal China Newsweek reported. IPO-related criminal cases uncovered in recent years have exposed the weak link of discipline, undermined the credibility of the CSRC and caused serious negative impact, which must be addressed effectively, the statement said. An IPO approval is an important government power exercised by the CSRC, and the IPO department should have the interests of the Party, the people and investors in mind, the CCDI statement said. (news.financializer.com). As reported in the news.