ChemChina Former Chairman Ren Jianxin and Former Manager Yang Xingqiang Dismissed for Suspected Violations of Laws and Disciplines
Beijing, May 13, 2024 – Former Chairman of China National Chemical Corporation (ChemChina), Ren Jianxin, and former manager Yang Xingqiang have been officially announced as dismissed on May 11 due to suspected serious violations of laws and disciplines.
According to the official website of the Central Commission for Discipline Inspection of the Communist Party of China and the National Supervisory Commission, Ren Jianxin and Yang Xingqiang were both reported to be under investigation for their alleged involvement in illegal activities. Ren Jianxin, 66, has worked in the chemical industry for over 40 years, while Yang Xingqiang, 57, has been his subordinate for many years. Ren Jianxin retired six years ago, and Yang Xingqiang was transferred to the general manager of China Salt Industry Group in 2021.
The investigation into the two individuals was linked to an illegal guarantee case for a private enterprise, which resulted in approximately 3 billion yuan in losses for ChemChina. Mainland Caixin reported that Ren Jianxin and Yang Xingqiang were implicated in the case, which was recently confirmed.
The report also mentioned that the case was connected to the acquisition of Syngenta Group and the illegal guarantees provided by ChemChina for private enterprises. It was reported that Wang Chunyun, the former senior executive officer of internal control and compliance of Bank of Gansu, and Li Xin, the first chairman and president of Bank of Gansu, were also detained in relation to the case.
When Li Xin was the chairman of Bank of Gansu, the bank issued a loan of 2.5 billion yuan to a private enterprise called Gansu Tianji Investment Management Co., Ltd., which went unpaid and was required to be repaid by ChemChina as the guarantor.
Ren Jianxin and Yang Xingqiang were both involved in issuing the commitment letter for the guarantee, leading to their dismissal and investigation. The total amount that ChemChina was held liable for in the case was 3 billion yuan.
The case highlights the serious consequences and repercussions for individuals involved in illegal financial activities in China’s state-owned enterprises.
(Editor: Li Enzhen)