The Phaserl


HOUSE OF CARDS: Former Chief of JPMorgan’s China Unit Arrested in Hong Kong

from Deal Book:

The former head of investment banking in China at JPMorgan Chase has been arrested by Hong Kong’s anticorruption agency, a Chinese news report and a person briefed on the matter said on Wednesday, possibly opening a significant front in what has become a global investigation into JPMorgan’s hiring practices in China.

Fang Fang, the former JPMorgan executive, has been released but is prohibited from leaving Hong Kong, according to a report in Caixin, a respected Chinese-language financial news outlet based in Beijing. He was arrested recently by the city’s Independent Commission Against Corruption, or I.C.A.C., the report said. The contents of the report were confirmed by a person who had been briefed on the matter.

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