A leading Chinese banker has been detained in an official disciplinary investigation, shaking investor confidence in the quality of corporate governance at one of the nation’s leading commercial banks.
Agricultural Bank of China, the country’s third-largest lender by assets, said in a statement that Yang Kun, its executive vice-president, was “assisting relevant mainland authorities in connection with certain investigations”. He has been detained by Communist Party disciplinary authorities.
Hong Kong-listed AgBank shares have fallen 5 per cent since Wednesday afternoon when Mr Yang’s detention was first reported on the website of Caixin, a Chinese financial magazine.
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