China Arrests Former CEO Of JPMorgan Asia

Tyler Durden's picture

Just one day after the FBI issues arrest warrants for 5 Chinese military officials, Caixin reports that Fang Fang - the former CEO of JPMorgan Asia - has been arrested in Hong Kong by the Independent Commission Against Corruption (or anti-graft agency). Coincidental timing we are sure; and while details are sparse, the arrest appears linked to the hiring of the children of Chinese officials. Bloomberg reports that Fang declined to comment after being released on bail (under restrictions not to leave Hong Kong).

 

 

Caixin reports (via Google Translate),

48-year-old Morgan Chase vice chairman of investment banking in Asia and the former CEO of China Fang Fang was arrested recently in Hong Kong by the Independent Commission Against Corruption, the reason is still suspected of hiring a child of officials to get projects and getting burned.

 

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Two independent sources of information on condition of anonymity, told reporters that the news respectively...

 

Sources pointed out that square and was released on bail after exit restrictions. Need to wait and cooperate with the investigation and judicial developments related to the case.

 

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"Scandals fermentation, someone to pay the price." Person close to JPMorgan Chase earlier told the new financial reporter

 

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"China's internal JPM Asian investment banking team now feel insecure." Who comes close to JP Morgan, JP Morgan Chase also helped bankers hired lawyers to deal with possible future investigation. "The major investment banks in the self-examination, lawyers are busy now."

 

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"Although the U.S. Department of Justice is to blame investment banks, but investment banks will generally push to individuals looking for a scapegoat." An investment bank executives said.

Or simple old retailation? Of course - the big retaliation will be signing the 'holy grail' gas deal with Russia tomorrow.