Beijing has announced that China Merchants Bank’s ex-CEO Tian Huiyu, who unexpectedly stepped down following a share sell-off, is under investigation by the nation’s top anti-corruption agency.
Ex-China Merchants Bank CEO Tian Huiyu is under investigation for suspected «serious violation of the party’s discipline and law», according to a statement from the National Supervisory Commission's website.
The bank’s chief financial officer and first executive vice-president Wang Liang will take over as interim CEO.
According to the anti-corruption agency, Tian is undergoing «disciplinary review, monitoring and investigations» without providing further details.
One-Day Rout
Tian stepped down from the role earlier this month following the bank’s single trading session since 2015, with $11 billion of market value erased in one day.
At that point, local reports from mainland China said that Tian was assisting an unspecified investigation and that authorities were looking into the reason for the share price drop.
