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China Policy Lender Reprimands Bankers for Playing Golf during work hours

China Policy Lender Reprimands Bankers for Playing Golf

China Development Bank Corp., the world’s largest policy lender, reprimanded bankers for playing golf during work hours as the Communist Party cracks down on extravagance by officials and state-owned company executives.

The lender investigated the issue after receiving tips from the public, according to an article by the Communist Party’s official People’s Daily newspaper that was posted to China Development Bank’s website. The bankers involved have been “solemnly criticized,” it said.Chinese President Xi Jinping has curbed extravagant government spending since taking office in March, as part of a campaign against corruption and misconduct by officials that have spurred criticism of the Communist Party’s rule. Producers of luxury goods from Chinese distiller Kweichow Moutai Co. (600519) to LVMH Moet Hennessy Louis Vuitton SA (MC) have reported slowing sales since the start of the campaign.

China Development Bank also asked bankers to cut down on overseas trips and hiring cars for official use, according to the article. The bank is also cracking down on mid-level managers hiring secretaries in violation of rules, it said.

Departments are banned from hosting banquets for each other, according to the article. China Development Bank officials are required to stay at government hotels when on business trips and should dine at the hotels’ buffets or at the canteens of bank branches that they visit, the People’s Daily said.

China Development Bank is China’s biggest foreign currency lender, with $248.2 billion of such loans at the end of 2012. The bank, founded in 1994 and wholly owned by the government, carries out the state’s policy objectives.

To contact Bloomberg News staff for this story: Aipeng Soo in Beijing at asoo4@bloomberg.net

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Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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