Date
19 September 2017
Wang Dongming is 1 million yuan poorer after making disparaging remarks about ICBC. Photo: Bloomberg
Wang Dongming is 1 million yuan poorer after making disparaging remarks about ICBC. Photo: Bloomberg

CITIC Securities chief docked 1 mln yuan for ICBC slur

What you say in public might come back to bite you.

In the case of CITIC Securities chairman Wang Dongming, it was more than a nibble.

Just days after making disparaging remarks about a major client, Wang is poorer by 1 million yuan (US$160,600), the equivalent of two months’ salary docked from his paycheck by China’s largest brokerage.

Wang’s offending comment went like this: “Some people say that when Industrial and Commercial Bank of China reports two or three hundred billion yuan in after-tax profit, people around the country curse.”

The venue was a business forum in Beijing at the weekend.

And as you’d expect in a country with the world’s biggest population of netizens, the remarks went viral and the first casualty was CITIC’s business relationship with ICBC, the world’s largest bank.

In an internal memo, CITIC said Wang was fined two months’ pay, which works out to about 1 million yuan based on his salary of 5.83 million yuan last year, according to the report.

CITIC warned employees to be cautious in making comments in public forums and “pay special attention that our clients’ interests and feelings are not harmed”.

– Contact us at [email protected]

JZ/JP/RA

 

Freelance journalist

EJI Weekly Newsletter

Please click here to unsubscribe