Securities Chief for Shandong Province Expelled from Communist Party of China for “Revolving Door” Corruption

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The former party chief for the Shandong province branch of the China Securities Regulatory Commission (CSRC) has been expelled from the Communist Party of China (CPC) in the wake of allegations of “revolving door” corruption.

On 6 January, CSRC announced that Feng Henian (冯鹤年), formerly the party chief and department head of CSRC’s Shandong branch, had been expelled from the CPC.

The Central Commission for Discipline Inspection (CCDI) also announced that it had launched an investigation into Feng for “severe breaches of discipline and the law.”

“Feng Henian completely lost his concept of idealism, and during his time in his office actively sought ‘roads out’,” a report from state-owned media said.

“After departing from his official post he continued to use the value of his previous professional position to engage in profligate corruption, in a classic case of revolving door corruption between officialdom and commercialdom.

“Feng Henian had scarcely any political consciousness, and was neither loyal nor faithful to the party…he concealed dirty money, resisted organised inspections, and for a long-period of time breached the spirit of the eight provisions of the CCP central committee.

“On multiple occasions he accepted lavish dinners and illegally received monetary gifts, high-end gifts and large volumes of Maotai liquor from the recipients of regulatory services.

“He breached discipline, purchased shares in breach of regulations, invested in equities to obtain huge benefits, and engaged in securities operations in breach of provisions concerning resignation from professional positions.

“He accepted property gifted by others in breach of regulations; breached work discipline, and personally retained confidential materials.”

60 year-old Feng is a native of Baoying in Jiangsu province. He first joined CSRC in 1997, before subsequently holding roles including deputy-chair of the legal department, chair of the non-listed public company supervisory, and chair of the venture board issuance supervisory department.

From December 2013 to July 2015, Feng served as party secretary and departmental chief of CSRC’s Shandong province branch. From September 2015 to June 2022, he held the role of party secretary of Minsheng Securities, as well as the office of chairman from December 2016.