The detention of Wang Yi, vice governor of China Development Bank and a former China Securities Regulatory Commission vice chairman, for his involvement in market irregularities may just be the tip of the iceberg.
Wang, 52, is the first high-ranking executive of the regulators arm of the securities market to be detained, mainland papers reported. And his situation may well open the lid on a series of wrongdoings among listed companies and securities firms.
Wangs former secretary has been under investigation for his alleged involvement in bribery cases, while his brother Wang Lui was said to be deeply involved with the controversial Shanghai listing of Pacific Securities. News of his detention has also poured cold water on the market as Wang has established a good network in his years with the watchdog.
p/s photo: Taksaon Pasukcharean Thaksarn