| Teesus | Date: Saturday, 2013/08/17, 11:14 PM | Message # 1 | DMCA |
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Federal authorities have opened a bribery investigation into whether JPMorgan Chase hired the children of powerful Chinese officials to help the bank win
lucrative business in the booming nation, according to a confidential
United States government document.In one instance, the bank hired the son of a former Chinese banking regulator who is now the chairman of the China Everbright Group, a
state-controlled financial conglomerate, according to the document,
which was reviewed by The New York Times, as well as public records.
After the chairman’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, records show.The Hong Kong office of JPMorgan also hired the daughter of a Chinese railway official. That official was later detained on accusations of
doling out government contracts in exchange for cash bribes, the
government document and public records show.The former official’s daughter came to JPMorgan at an opportune time for the New York-based bank: The China Railway Group, a state-controlled
construction company that builds railways for the Chinese government,
was in the process of selecting JPMorgan to advise on its plans to
become a public company, a common move in China for businesses
affiliated with the government. With JPMorgan’s help, China Railway
raised more than $5 billion when it went public in 2007.
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