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Liu Shiyu, China's former top securities regulator, turns himself in as part of corruption investigation

South China Morning Post logo South China Morning Post 20/5/2019 Matt Ho

China’s former securities watchdog chief Liu Shiyu has become the subject of a graft probe, the country’s super anti-corruption agency said on Sunday.

Liu, who left the China Securities Regulatory Commission in a surprise reshuffle in January, was said to have turned himself in and is suspected of violating party discipline and laws, according to a terse statement issued by the National Supervisory Commission. Liu is cooperating with the investigation.

Liu, 57, currently heads the All-China Federation of Supply and Marketing Cooperatives, a Soviet-era holdover of China’s centrally planned economy that operates a network of 30,000 agricultural collectives.

Liu rose through the ranks of the state banking system, spending most of this time at the central bank. He became chairman of the Agricultural Bank of China in late 2014.

a man wearing a suit and tie: Liu currently heads the All-China Federation of Supply and Marketing Cooperatives. SCMP/Simon Song © Provided by South China Morning Post Publishers Limited Liu currently heads the All-China Federation of Supply and Marketing Cooperatives. SCMP/Simon Song

Soon after he took over at the CSRC in 2016, Liu launched a series of investigations in a bid to snare “crocodiles” – a name given to the high-powered financiers who pocketed billions by manipulating the market.

The probes were seen as part of Chinese President Xi Jinping’s crackdown on the financial sector after the stock market rout in the previous year.

Head of China’s securities watchdog replaced by top banker

Liu joined a growing list of senior officials who have turned themselves in to the authorities since Xi launched his anti-graft campaign in 2012. NSC also revealed this month that former Yunnan province Communist Party boss Qin Guangrong had also surrendered and was being detained for further investigation.

According to NSC’s annual report in February, more than 5,000 cadres have turned themselves in since Xi’s second term began in late 2017.

This article originally appeared on the South China Morning Post (SCMP), the leading news media reporting on China and Asia. For more SCMP stories, please download our mobile app, follow us on Twitter, and like us on Facebook.

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