Skip to main content

Advertisement

Advertisement

Business

China orders Communist Party members to resolve conflicts of interest as top Hangzhou official probed

China orders Communist Party members to resolve conflicts of interest as top Hangzhou official probed

FILE PHOTO: China's President Xi Jinping speaks at a news conference after the closing of G20 Summit in Hangzhou, Zhejiang Province, China, September 5, 2016. REUTERS/Damir Sagolj

SHANGHAI : Members of China's ruling Communist Party in the technology hub city of Hangzhou have been ordered to resolve any potential business-related conflicts of interest involving themselves or relatives, the country's graft watchdog said on Monday.

The statement from the local arm of China's powerful Central Commission for Discipline Inspection (CDDI) came two days after it announced a probe into the most senior party official in Hangzhou, city party secretary Zhou Jiangyong.

Zhou is under investigation for "serious violations of discipline and laws", the CCDI said, without giving further details. It wasn't immediately clear whether Zhou was under detention, and Reuters wasn't able to reach him to request comment.

On Monday the CDDI said close to 25,000 current party cadres in leadership positions in the eastern city, as well as those who had retired within the last three years, were undertaking "self examinations" to review any potential conflicts of interest.

Capital of Zhejiang province and a two-hour drive southwest of Shanghai, Hangzhou is home to more than 10 million people as well as some of China's top software and internet companies, including e-commerce giant Alibaba Group.

The city is also the home base for Alibaba's financial affiliate, Ant Group, whose record US$37 billion initial public offering (IPO) was derailed last November by Chinese regulators, who wanted to rein in some of its operations and subject it to more rules and capital requirements.

Late on Sunday, Ant Group issued a statement saying it had "strictly followed laws and regulations" in an "open and transparent" IPO process, and dismissing speculation online surrounding the IPO as "false rumours".

Ant did not specify what these rumours were in its statement.

(Reporting by Brenda Goh; Editing by Kim Coghill and Kenneth Maxwell)

Source: Reuters

Advertisement

Also worth reading

Advertisement