JPMorgan to probe hiring of well-connected Chinese
August 26, 2013 Category Finance, Weekly
JPMorgan has started an internal probe into its hiring of well-connected Chinese individuals in Hong Kong and is adopting measures to mitigate potential penalties as U.S. authorities investigate its operations. The bank has hired U.S. law firm Paul, Weiss, Rifkind, Wharton & Garrison to investigate its hiring practices in Hong Kong. The anti-bribery unit of the U.S. Securities and Exchange Commission (SEC) is investigating the bank’s hiring in Hong Kong of Zhang Xixi, a daughter of Zhang Shuguang, a former senior railway official under arrest for corruption, and Tang Xiaoning, a son of Tang Shuangning, Chairman of China Everbright Group. Both offspring no longer work for the New York-listed bank. The hirings could be investigated under the U.S. Foreign Corrupt Practices Act (FCPA). Hiring the children of foreign officials is considerd an improper business advantage if the bank was involved in business negotiations with related officials around the time of the hirings. Because JPMorgan is a U.S. company, its employees are bound by the FCPA anywhere in the world, the South China Morning Post reports.
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