Updated: September 18, 2022 12:10 a.m. STI
beijing [China]Sep 18 (ANI): Another senior executive from a general partner of China’s leading semiconductor investment fund has been investigated on suspicion of bribery, joining a list of executives gunned down by a crackdown ongoing anti-corruption campaign that is sweeping the country’s semiconductor industry.
Ren Kai, vice chairman of Sino IC Capital Ltd., was arrested by Chinese authorities on Thursday morning, Nikkei Asia reported citing sources from Chinese media outlet Caixin.
Sino IC is the sole manager of the China Integrated Circuit Industry Investment Fund, known as the “Big Fund”, a state-backed semiconductor investment fund and a key player in the country’s quest for l self-sufficiency in chip manufacturing.
Nikkei Asia reported that since July, seven current and former executives of the fund and its management company have been subjected to corruption investigations, along with several others at companies in which the fund has invested.
Ren, 50, worked for 19 years at the China Development Bank and was responsible for reviewing loans and investments in equipment and electronics projects.
During his tenure at the bank, he led a team that reviewed and issued more than 30 billion yuan ($4.3 billion) in loans to the integrated circuit industry, Nikkie Asia reported.
In July, Chinese authorities opened an investigation against a senior government minister responsible for managing the semiconductor and digital technology sectors of the world’s second-largest economy.
Chinese anti-corruption investigators have launched an investigation against Xiao Yaqing after he was suspected of “violating” discipline and the law.
“Xiao Yaqing, China’s minister of industry and information technology, has been investigated for allegedly violating party discipline and laws,” Xinhua news agency reported citing a official statement.
According to the statement, Xiao is being questioned by the Communist Party of China’s Central Commission for Discipline Inspection and the National Supervisory Commission. (ANI)