Another executive of Chinese semiconductor investment fund being probed for corruption
Sep 17, 2022
Beijing [China], September 18 : Another senior executive of a general partner of the Chinese top semiconductor investment fund was placed under investigation on suspicion of corruption, joining a list of executives brought down by an unfolding anti-corruption crackdown that is sweeping the country's semiconductor industry.
Ren Kai, vice president of Sino IC Capital Ltd., was detained by Chinese authorities on Thursday morning, Nikkei Asia citing Chinese media Caixin sources reported.
Sino IC is the sole manager of 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 self-sufficiency in chipmaking.
Nikkei Asia reported that since July, seven current and former executives of the fund and its management firm have been put under graft probes, along with several others at companies the fund invested in.
Fifty-year-old Ren worked for 19 years at China Development Bank and was in charge of reviewing loans and investments in equipment and electronics projects.
During his tenure at the bank, he led a team that reviewed and granted more than 30 billion yuan ($4.3 billion) of loans to the integrated circuit industry, Nikkie Asia reported.
In July, Chinese authorities opened an investigation against a senior government minister responsible for handling the world's second-largest economy's semiconductor and digital technology sectors.
China's anti-graft investigators started a probe against Xiao Yaqing after he was suspected of "violating" discipline and law.
"Xiao Yaqing, China's minister of industry and information technology, has been put under investigation for suspected violations of party discipline and laws," Xinhua news agency had reported citing an official statement read.
According to the statement, Xiao is being probed by the Communist Party of China Central Commission for Discipline Inspection and the National Supervisory Commission.
