Liu Shiyu, the former chief of China Securities Regulatory Commission, has turned himself in while being put under investigation for corruption, according to an official statement.
Liu “is cooperating” with the investigation for alleged “violations of laws and discipline,” the Communist Party’s Central Commission for Discipline Inspection said. The statement did not provide any further details.
Liu stepped down as the chairman of CSRC in January after serving the Chinese securities regulator for three years.
He is presently the chairman of the All China Federation of Supply and Marketing Cooperatives which manages major agricultural goods nationwide and has expanded into the financing business.
Market speculations has it that Liu was under investigation and was summoned to talk with authorities in late April.
Liu was known as an outspoken critic of unruly players in the market. He once referred to companies engaged in hostile takeover activity as barbarians and publicly criticized firms that refused to pay dividends to investors.