Everbright Securities CRO Resigns in Wake of Baofeng Bribery Scandal
Dou Shicong
/SOURCE : yicai
Everbright Securities CRO Resigns in Wake of Baofeng Bribery Scandal

(Yicai Global) Aug. 2 -- Everbright Securities' former Chief Risk Officer Wang Yong has handed in his notice following the detention of an internet video firm partner that allegedly paid a bribe in order to buy a British sports rights distributor.

The 55-year-old executive cited career development as the reason behind his resignation, the Shanghai-based brokerage said in a statement today.

Baofeng Group, who bought MP & Silva Holdings in 2016 with Everbright subsidiary Everbright Capital, announced this week that former Chairman Feng Xin had been detained for alleged bribery during the acquisition, the target of which went bankrupt last year.

Wang, who held several senior risk control positions at Royal Bank of Canada, joined Everbright Securities as CRO in 2014. He is also a director of Everbright Capital.

Securities Compliance Director Chen Hao, who recent media reports suggest would also quit due to his involvement in the scandal, is still working as normal and has not handed in her notice, Everbright Securities added, saying the company is operating as usual.

A string of executive changes has taken place at Everbright since problems with the MP & Silva acquisition came to light. Everbright Capital President Dai Weiguo was dismissed in the first half of last year; Everbright Securities Chairman Xue Feng left in April this year, 18 months before the end of this term; and the acquisition's project leader Xiang Tong was arrested for allegedly receiving a bribe.

Set up in 1996, Everbright Securities is a unit under state-owned China Everbright Group, which owns 14 subsidiaries and 267 securities business departments in 135 cities nationwide. Ex-Vice President Yan Jun has succeeded Xue as president.

Editor: James Boynton

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Keywords: Everbright Securities , Wang Yong , Baofeng Group