Local media reported that a Chinese government official committed corruption by leveraging information obtained from his position after retirement, amassing benefits totaling about 60 billion won.
According to local Chinese media such as Caixin on the 21st, Yang Zhaohong, former director of the issuance supervision and management department of the China Securities Regulatory Commission, was recently stripped of his party membership due to corruption allegations.
The authorities stated, "Yang Zhaohong lost his beliefs and neglected his mission, using his position during his tenure for personal gain," adding, "He took advantage of the conditions formed by his official powers after retirement to acquire enormous illegal benefits."
During the investigation into Yang Zhaohong's illegal activities, authorities discovered cash totaling between 200 million and 300 million yuan (approximately 390 to 585 million won) in his home, reportedly weighing around 3 tons.
Graduating from Renmin University, Yang Zhaohong joined the China Securities Regulatory Commission in 1998, where he was responsible for the IPO review process. His role in assisting the listing of primarily emerging corporations allowed him access to various information in the industry. After resigning from the regulatory commission in 2016, he is suspected of illegally obtaining money through buying unlisted shares of corporations preparing for an IPO, leveraging the networks and information he amassed in his previous position.
Such illegal activities came to light when Chinese authorities launched an anti-corruption campaign in October of last year.