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![Xu has been for years considered one of China's wealthiest men operating one of the most successful hedge funds, but some accused him of manipulating markets [Xinhua]](http://thebricspost.com/wp-content/uploads/2016/01/250953382_8-e1452544235764.jpg)
Xu has been for years considered one of China’s wealthiest men operating one of the most successful hedge funds, but some accused him of manipulating markets [Xinhua]
Prosecutors in Qingdao said that Xu has been under investigation for the past year; he was arrested on November 2, 2015 . Other noted businessmen and chairpersons of listed companies have also been named in ongoing anti-corruption cases.
The Chinese government has been cracking down on illicit gain and particularly on corruption among public officials and heads of companies.
Xu is probably the most high-profile target of the anti-corruption drive.
He has been for years considered one of China’s wealthiest men operating one of the most successful hedge funds.
In the past few years, President Xi Jinping also launched an anti-graft, anti-corruption drive to route out party officials who have been breaking commercial laws and gaining wealth through illicit means.
A Pew Research survey conducted in early October found that nearly 50 per cent of the Chinese public believe corrupt officials constitute a very big problem for the country. Eighty-three per cent said that corruption was a moderately big problem.
In tandem with Xi’s anti-graft campaign, stringent adherence may require doling out severe punishments to officials who are considered corrupt and thereby sending a message of strict discipline.
The BRICS Post with inputs from Agencies
