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Third Former Chairman of Jilin Trust Convicted of Bribery

Third Former Chairman of Jilin Trust Convicted of Bribery
Another chairman of troubled
Jilin Province Trust Co. Ltd. was found guilty of corruption, extending the state-owned company’s streak of scandals involving every chairman since 2001.
Gao Fubo, chairman of the Jilin-based trust company between 2007 and 2015, was convicted of corruption, bribery and embezzlement, a local court said Tuesday. The court handed Gao a 20-year jail term, a fine of 5.1 million yuan ($794,540) and confiscation of 500,000 yuan of personal assets.
Gao is the third chairman of Jilin Trust to be convicted on corruption charges, and a fourth is awaiting trial. Gao’s predecessor, Zhang Xinbo the company’s chairman between 2001 and 2007 was sentenced to death with a two-year reprieve for corruption in 2009. ....

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Regulator Warns China's Trust Firms That Crackdown Isn't Over

Regulator Warns China’s Trust Firms That Crackdown Isn’t Over
The CBIRC on Sunday outlined a target of cutting the total outstanding value of trust-financing products by another 1 trillion yuan this year. Photo: IC Photo
China’s banking and insurance regulator has pledged to continue its crackdown on the trust industry this year, with a particular focus on curbing trust financing and channel lending, amid concerns about mounting risks in the sector.
At a meeting on Sunday, the China Banking and Insurance Regulatory Commission (CBIRC) outlined a target of cutting the total outstanding value of trust-financing products by another 1 trillion yuan ($155 billion) this year and effectively shutting the business down completely over the next five years, several trust firm executives who attended the annual regulatory work conference told Caixin. ....

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