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U.S. investment banking giant JPMorgan Chase & Co is currently under investigation by U.S. authorities on possible hiring children of influential Chinese officials to help win business in China, foreign media reported.
The investigation is carried out by the Securities and Exchange Commission (SEC)'s anti-bribery unit in the United States.
JPMorgan hired Tang Xiaoning, the son of former Chinese banking regulator Tang Shuangning, reported New York Times over the weekend, citing a confidential U.S. government document. Tang is currently the chairman of China Everbright Group.
According to the New York Times report, JPMorgan won several important deals from China Everbright Group, after Tang's son joined the investment bank. These deals include advising a subsidiary of China Everbright Group on a stock offering. Before Tang Xiaoning's hiring, JPMorgan rarely has business contact with the Everbright group.
JPMorgan's Hong Kong office also hired Zhang Xixi, daughter of Zhang Shuguang, former deputy chief engineer of China's railway ministry. Zhang was suspended from his post and put under investigation for corruption in 2011. JPMorgan helped advise China Railway Group, a state-owned enterprise that has close business contacts with the railway ministry, on its listing plans, said the newspaper.
JPMorgan referred in its 10-Q quarterly filing this month to the inquiry by the U.S. SEC.
"We publicly disclosed this matter in our 10-Q filing last week and are fully cooperating with regulators," said a Hong Kong-based spokeswoman for JPMorgan.
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