Former China Securities Regulatory Commission (CSRC) Chief Liu Shiyu has turned himself in while being put under corruption investigation, according to Caixin.
Liu has been placed under investigation on suspicion of “violations of laws and discipline,” the Communist Party’s Central Commission for Discipline Inspection (CCDI) announced in a statement Sunday night, without elaborating.
Liu, who was named deputy party secretary of the All-China Federation of Supply and Marketing Cooperatives (China Co-Op) in January, is assisting the CCDI’s probe after turning himself in, the CCDI said.
Liu was best known for his term as head of the China Securities Regulatory Commission between 2016 and 2018. He previously served as President of the Agricultural Bank of China from October 2014 to February 2016.
Liu was born in Guanyun County, Jiangsu. He graduated from Tsinghua University initially in hydraulic engineering, then and received a master’s combined degree in engineering and management, and a doctorate in economics.
Between 1987 and 1996, he worked for the Shanghai municipal economic structural reform office, then the National Office of Structural Reform, before being transferred to the China Construction Bank (CCB). At CCB, Liu was rapidly promoted to more senior roles, working in its Banking Supervision Department.
In 2002 he began heading the administrative office of the People’s Bank of China , and in July 2004, was named Assistant to the Governor, finally being promoted to Deputy Governor in June 2006.
During his three years at the CSRC, Liu was best known for his iron hand in cracking down on “capital market crocodiles” that preyed on small investors. He was also known for alleviating the backlog in companies applying for initial public offerings.
Edited by staff