Regulator 'who fought crocodiles' probed

Top News | AGENCE FRANCE-PRESSE May 21, 2019
<p>China&#39;s former top securities regulator - appointed to clean up markets following a 2015 meltdown - is under investigation for unspecified wrongdoing.</p><p>Liu Shiyu is suspected of &quot;violating the law,&quot; said a brief notice on the website of the Communist Party agency responsible for policing corruption.</p><p>He had turned himself in, the notice said, but gave no further information.</p><p>A former banker and deputy governor with the central bank, Liu was installed as head of the China Securities Regulatory Commission in early 2016, with a mission to restore confidence in financial markets.</p><p>The previous year, China&#39;s traditionally volatile markets slumped precipitously in a disastrous meltdown worsened by an erratic response from regulators.</p><p>Liu declared war on financial &quot;crocodiles&quot; and &quot;barbarians&quot; who manipulate the market.</p><p>He launched a crackdown that saw dramatically enhanced enforcement of securities regulations and sharply increased the amount of fines levied.</p><p>He was replaced in January by Yi Huiman, former chairman of Industrial and Commercial Bank of China.</p><p>Liu is not the first financial regulator felled in a graft crackdown by President Xi Jinping&#39;s government.</p><p>Yao Gang, the former vice chairman of the CSRC, was last year sentenced to 18 years in jail for taking bribes and insider trading.</p><p>Xiang Junbo, China&#39;s former insurance regulator, also pleaded guilty to taking bribes last year.</p>

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June 2019