The Central Commission for Discipline Inspection and the National Supervisory Commission’s Discipline Inspection and Supervision Group stationed at the China Securities Regulatory Commission, together with the Taizhou Municipal Supervisory Commission in Zhejiang, has concluded an investigation into former CSRC official Guo Xudong for serious duty-related violations and suspected bribery. The case outcome includes confiscation of illegal gains and referral of the suspected criminal conduct to the procuratorate for review and prosecution. Guo, who previously served as chair of the CSRC Issuance Review Committee and deputy director of the Department of Issuance Supervision, was found to have accepted improper hospitality, gifts and cash in breach of the “eight-point” conduct rules, and to have abused regulatory authority in stock issuance review by granting differential treatment and receiving equity. The findings also cite leveraging regulatory power to support corporate listings and refinancing, misconduct after leaving office including improper employment with regulated entities, receipt of large amounts of property and false statements during organisational checks, and acceptance of private fund equity linked to the value of his official position. Under the Supervision Law and the Public Officials Administrative Sanctions Law, the illegal proceeds are to be confiscated and the suspected criminal issues and related assets transferred to prosecutors.

Original source View in tracker