The graft probe of two former senior executives of the Industrial and Commercial Bank of China Ltd. (ICBC) is most likely linked to the investigation of former Securities Chief Liu Shiyu, sources close to the matter told Caixin.

The Shanghai Branch of ICBC was shaken in June as its party chief and President Gu Guoming came under investigation by the country’s top graft buster. In less than a month, Lü Hong, a deputy head of the Shanghai branch, was also placed under investigation, sources told Caixin in early July.

Neither the bank, China’s biggest state-owned commercial lender, nor the anti-graft agency has released details on the cases. But separate sources told Caixin that Gu and Lü are being investigated for arranging illicit wealth management investment deals involving an affiliate of Liu Shiyu, the former chairman of the China Securities Regulatory Commission. The sources declined to be named as the discussions were private.

The full original article can be found at  caixinglobal.com