Jiang Sheng, former chairman of ICBC Macau, under investigation for alleged serious violations

Jiang Sheng, former chairman of ICBC Macau, under investigation for alleged serious violations

A senior executive from the Industrial and Commercial Bank of China (ICBC) has vanished amid investigations into a troubled real estate project linked to disgraced Macau billionaire David Ng Lap Seng. Jiang Yisheng, a veteran banker and former chairman of ICBC’s Macau branch from 2018 to 2023, has become unreachable, sparking speculation that authorities have taken him into custody [1].

Jiang’s disappearance coincides with ICBC Macau’s struggles with rising nonperforming loans and legal actions against Ng’s family over outstanding debts. The bank reportedly took disciplinary action against Jiang earlier this year due to significant flaws in the collateral backing a loan issued during his tenure, specifically linked to the Windsor Arch luxury residential development [1].

The project is closely connected to Ng Lap Seng, who served as a member of the Chinese People’s Political Consultative Conference (CPPCC) and was once one of the region’s wealthiest figures. Ng’s son, Ng Kei Nin, also served as a director of the company that provided the land for the development. On June 18, the Macau Court of First Instance announced that ICBC Macau had applied to freeze assets belonging to Ng Lap Seng, his son, and their affiliates to recover outstanding debts [1].

Ng Lap Seng’s reputation has been tarnished by multiple criminal scandals. In 2017, he was convicted by a U.S. federal court of bribing United Nations officials to secure official UN support for a multi-billion-dollar conference center he planned to build in Macau. He was sentenced to four years in prison and fined USD1 million, with his conviction upheld by the U.S. Supreme Court in 2020 [1].

The situation underscores the challenges faced by ICBC Macau in managing its portfolio and maintaining regulatory compliance. The bank’s actions in relation to the Windsor Arch project highlight the importance of thorough due diligence and robust risk management practices in the banking sector.

References:
[1] https://macaudailytimes.com.mo/disappearance-of-icbc-banker-linked-to-macau-billionaires-troubled-real-estate-empire.html