China Securities Firm Chief Dismissed Over Graft Allegations

The chairman of China Investment Securities, a brokerage owned by China's sovereign wealth fund China Investment Corporation, has been removed from his post following a corruption investigation, the communist party's graft watchdog said on Wednesday. In a separate announcement, the graft watchdog said an inspection at China National Nuclear Corporation had found repeated violations of financial discipline including misuse of funds for tourism and illegal allocation of benefits. It also found evidence of major decisions taken without adequate research, investment projects that had led to business risks, a lack of sufficient management of materials procurement and some projects operating illegally.