Former bank executive placed under investigation

Wang Yongsheng, former deputy president of China Development Bank, has been put under investigation for suspected severe violations of Party discipline and law, according to an official statement released on Thursday.

Wang, also a member of the company's Party committee, is being investigated by the Communist Party of China Central Commission for Discipline Inspection and the National Commission of Supervision.

Wang, 65, became deputy president of the bank in May 2011 and was in charge of the financial sector. He officially retired in April 2018.

He is the sixth member of the bank's senior management team who has been put under investigation this year. The discipline inspection team sent to the bank by the central government in June said among those who violated discipline and law at the bank, many are in high-ranking positions and have been corrupt for a long period of time.