Another big fund manager under investigation in China • The Register

A non-executive director of Shanghai-based chipmaker Semiconductor Manufacturing International Corporation (SMIC) and vice president of Big Fund is under investigation in China over alleged corruption.

Corresponding state-sponsored media, SMIC director Ren Kai, who also serves as vice president at Sino IC Capital, is under investigation by China’s anti-corruption agency on suspicion of “serious breaches of discipline and the law.”

Sino IC Capital is the management unit of China Integrated Circuit Industry Investment Fund. Also known as the “Big Fund,” it provides financing for Chinese semiconductor design and manufacturing capabilities to increase global competitiveness, including vis-à-vis the US, South Korea and Taiwan. SMIC, along with others, was a beneficiary of the fund.

SMIC said in an opinion [PDF] that it was understood that Ren Kai “has been and is in serious breach of discipline and the law [currently] examined.”

The chipmaker also clarified Ren’s role as a non-executive director and a member of the board’s strategic committee. However, SMIC said its responsibilities do not include day-to-day management and the investigation has no operational or financial implications.

In the past two months, China’s anti-corruption enforcers examined at least six other executives or former executives of Sino IC Capital and others associated with the Big Fund. Chinese authorities have not released any details or findings from the investigation, leading some to wonder what even needs to be done to justify an investigation.

Ren has overseen major investments from the fund, including those in SMIC, ChangXin Memory Technologies and Yangtze Memory Technologies Corp. State-sponsored media claimed Ren had “a close relationship” with Lu Jun, the former chief executive of Sino IC who was hired last July under investigation. ®

https://www.theregister.com/2022/09/20/china_big_fund_corruption/ Another big fund manager under investigation in China • The Register

Laura Coffey

World Time Todays is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – admin@worldtimetodays.com. The content will be deleted within 24 hours.

Related Articles

Back to top button