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China’s financial sector reeling from corruption probes

Posted On: Apr. 11, 2023 9:58 AM CST


New corruption probes and an increase in surprise audits of venture funds have rocked China’s financial sector, with banks making deep cuts to executive pay and bonuses as high-ranking officials come under scrutiny, Financial Times reported. The country’s Central Commission for Discipline Inspection started a drive to fight misconduct. The commission has investigated or penalized more than a dozen executives since February.