June 6, 2016 / 7:47 AM / a year ago

Ex-head of China Development Bank's supervisory board investigated: watchdog

BEIJING (Reuters) - The former head of the supervisory board at China Development Bank, one of the country’s policy banks, is under investigation for suspected corruption, the anti-graft watchdog said on Monday.

The official, Yao Zhongmin, was suspected of “serious breaches of discipline” the Central Commission for Discipline Inspection said in a statement on its website. The commission uses the term “serious breaches of discipline” as a euphemism for corruption.

President Xi Jinping has waged a far-reaching campaign against corruption, targeting sectors from the military to state-owned enterprises. The drive has felled many of his political opponents, including the once-powerful domestic security tsar Zhou Yongkang.

The financial sector has also been targeted by anti-graft authorities, and an investigation into China Construction Bank, the country’s second-largest lender, found in April that hundreds of officials improperly used their positions to obtain favors for friends and families.

China has been trying to get increased international cooperation to hunt down suspected corrupt officials who have fled overseas.

Reporting by Beijing Newsroom and Megha Rajagopalan; Editing by Nick Macfie, Robert Birsel

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