China banking body names violators of investor rules

Beijing

CHINA'S banking and insurance regulator for the first time published names of companies that it alleges committed shareholder violations in the industry, warning investors against misbehaviour as the sector tries to attract private and foreign capital.

The China Banking and Insurance Regulatory Commission's (CBIRC) list of 38 companies, published on its website on Saturday, didn't identify the banks or insurers they invested in but included a few firms that were previously known as shareholders of troubled Anbang Insurance Group Co. The violations included illegal connected transactions, seeking illicit gains, exceeding shareholding ceilings without approval and fabricating materials.