JPMorgan probed for bribery

US regulators have made a rare move by starting a bribery investigation into JPMorgan, which hired the son of China Everbright Group chairman Tang Shuangning allegedly to secure deals from the state-owned firm.儲存 It is common for children of senior officials and those from top mainland and Hong Kong families to work at global investment banks. New York Times cited a confidential US government document stating that the Securities and Exchange Commission's anti- bribery unit had requested from JPMorgan in May a battery of records about Tang Xiaoning - son of Tang Shuangning, chairman of China Everbright Group. Tang Shuangning - former vice chairman of the China Banking Regulatory Commission - currently chairs state-owned financial conglomerate China Everbright, which controls locally listed subsidiaries China Everbright Limited (0165) and China Everbright International (0257). ``After Tang's son came on board, JPMorgan secured multiple coveted assignments from the Chinese conglomerate, including advising a subsidiary of the company on a stock offering,'' the report said. The bank has not b新蒲崗迷你倉en accused of any wrongdoing, according to the report. China Everbright Bank has been seeking an initial public offering in Hong Kong since 2011. The middle-sized lender is expected to raise up to HK$31 billion next month. SEC also inquired about JPMorgan's hiring of Zhang Xixi at its Hong Kong office. She is the daughter of Zhang Shuguang, the former top engineer at the Railway Ministry. JPMorgan was one of the underwriters of the HK$19.2 billion initial public offering of China Railway Group (0390) in 2007. Other children of officials have worked for international investment banks or financial institutions after graduation. Margaret Ren Keying, daughter of politician Ren Zhongyi, was chief executive of China at Bank of America Merrill Lynch. Chen Qing, daughter of Chen Zuoer, former deputy director of Beijing's Hong Kong and Macau Affairs Office, also served Merrill Lynch as a mid-level executive. Patrick Shum, investment director at Tengard Fund Management, said the move stems from the imposition of tighter rules governing US-based investment banks. grace.cao@singtaonewscorp.com mini storage