Former China security chairmen investigated on anti-corruption charges

Chen Gongyan, former chairman of China Galaxy Securities Co Ltd (CGS), is being investigated for suspected severe violations of discipline and law, the country's top anti-corruption watchdog said on Friday.

The investigation has been announced and disclosed by the Communist Party of China Central Commission for Discipline Inspection and the National Commission of Supervision.

The commissions said that the disciplinary and supervisory investigation on Chen, also former Party chief of CGS, is being conducted by their inspection team in the China Investment Corporation as well as the supervision department in Weihai, a city in Shandong province.

Chen, 61, a native of Anhui province, served as the chairman of CGS in 2016. Last year, CGS announced that Chen retired, noting that he would no longer hold any position in the corporation.

Information on CGS's official website shows that CGS is a leading integrated financial service provider in China securities industry. It is fully licensed to operate in the domestic securities market and has an extensive business network stretching across over 20 countries and regions around the world.