Fang Fang, former chief executive of JPMorgan Chase’s China investment bank, is said to have been arrested by Hong Kong’s anti-graft agency earlier this year amid a probe into the lender’s hiring practices on the mainland.
After being arrested by the Independent Commission Against Corruption (ICAC), the banker had been released on bail but was prohibited from leaving the city, the Hong Kong Economic Journal said, citing a report published by Caixin, a mainland-based financial news outlet.
The arrest is possibly linked to the agency’s probes into the hiring practices of the investment bank’s Hong Kong subsidiary, the report said.
According to a Wall Street Journal report, the arrest happened around the same time the ICAC visited the former executive’s office in late March.
Fang was the head of the subsidiary’s China team, which is the target of the probes. The team is said to have hired lawyers to cope with the investigation.
JPMorgan reportedly submitted certain emails from Fang’s account to the United States Securities and Exchange Commission, which was looking into the investment bank’s hiring of Tang Xiaoning, the son of China Everbright Group chairman Tang Shuangning, the Wall Street Journal reported previously.
The watchdog was investigating whether the bank had secured business deals in return for the hiring of children of influential people in China. Fang purportedly resigned the same day.
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(First posted: 9.20am)