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The Washington Post has reported that, three Chinese banks may have refused to comply with a U.S. subpoena regarding laundering money to the North Korean state-run Foreign Trade Bank.
China Merchants Bank announced during a meeting on Monday afternoon that it had decided to remove Tian Huiyu from the post of president and director of the bank and make another appointment for the position.
Chinese authorities are investigating former President of China Merchants Bank (CMB) Tian Huiyu for suspected violations, just days after removing him from the bank.
In last week’s China VC news, Meridian Capital announces the closing of its 2.12 billion yuan Fund VI, Zhangmen submits documents for a New York IPO, and China Merchants Bank partners with blockchain developer Nervos Foundation.