CHINA - The general manager of Huaan Fund Management, Han Fanghe, has become the latest high profile figure to be detained as the investigation into the alleged embezzlement of pension fund assets rolls on.
The news comes just three weeks after Chen Liangyu, Shanghai Municipal Committee secretary of the ruling Communist Party of China (CPC), was fired for his alleged involvement in the crime, which saw Shanghai's CNY10bn (US$1.25bn) of pension fund assets embezzled and misused.
Shanghai Mayor Han Zheng was appointed acting secretary of the Shanghai Municipal Committee of the CPC following Liangyu's dismissal.
Zhu Junyi, director of the Shanghai Municipal Bureau of Labour and Social Security, was also removed from his post in August after he allegedly misused city funds, while Qin Yu, deputy secretary of the Shanghai's Baoshan district CPC Committee, was dismissed for his involvement in the allegedmisuse of the social security fund.
Earlier reports said more than 100 investigators were sent from Beijing to Shanghai to probe the corruption case.
"Whoever it is, no matter how high their positions are, anyone who violates party rules or national law will be severely investigated and punished," the committee said in a press release.
According to reports, the scandal highlighted the lack of supervision and transparency in such large public undertakings.
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.