Long Zenglai, board chairman and Communist Party of China (CPC) chief of state-owned China Investment Securities, has been removed from office following a graft investigation, the CPC discipline authority announced Wednesday.
The decision was jointly made by the CPC Commission for Discipline Inspection, and China Investment Corp., the parent company of China Investment Securities.
Long is alleged to have organized banquets at luxury restaurants from January 2013 to May 2015. He filed expenses invoices totaling 400,605 yuan (64,497 U.S.dollars) for these banquets, inflating the bills by 159,100 yuan.
He is also accused of spending 34,389 yuan of public money since 2013 on rounds of golf, and using 17,921 yuan from the company account to finance the publication of his poetry.
