August 17, 2012
Translated by Zhang Dian

Southwest Securities (西南證券), a Shanghai-listed mid-sized Chinese brokerage, announced yesterday that Weng Zhengjie (翁振杰), chairman of the company's board and Wang Huagang (王華剛), vice chairman, had both submitted their resignations to the company.

Luo Guang(羅廣), Director-General of the Chongqing Financial Affairs Office, has been nominated to replace Weng as chairman of the company's board by the major shareholder.

Southwest Securities are maintaining that this is nothing but a normal personnel shift.

However, the 21st Century Business Herald, a Guangdong-based business daily, is reporting that Weng maybe stepping down due to health problems. According to that report, Weng was hospitalized at the end of June and doctors recommended that he cease working in a stressful environment.

Aside from his position at Southwest Securities, Weng also currently serves as the CEO of Chongqing International Trust Investment Company (重慶國際信托投資公司).
 
Cui Jian (崔堅), director of the Chongqing municipal branch of the State-owned Assets Supervision and Administration Commission (SASAC), told the China Securities Journal that he didn't think it was appropriate for one person to simulataneously hold two senior positions in the city's financial industry.

After resigning as board chairman of Southwest Securities, Weng will continue to serve on the company's board and hold shares in the company.

According to the public announcement about the personnel change, Luo Guang has worked for the People's Bank of China, the Chongqing office of the China Banking Regulatory Commission and is currently Director-General of the Chongqing Financial Affairs Office (重慶金融辦).

In 2011, Zhang Mingyu (張明渝), a delegate to Chongqing's 3rd NPC and former board chairman of Chongqing Tongchuang Property Corporation, publicly accused Weng Zhengjie, who is also a member of the standing committee of the Chongqing Municipal NPC, of "accepting bribes and being involved in gang-related activity" and claimed that he had proof to back up his accusations.

At the time, Weng Zhenjie refused to comment on the report.

In December last year, China's securities regulator announced that Ji Minbo, a vice president at Southwest Securities had been arrested for allegedly using undisclosed information to trade stocks from 2009 to 2011.

Links and Sources
The Beijing News: 西南證券兩高管雙雙請辭
The Economic Observer Online: Member of Chongqing NPC Accuses Fellow Delegate of Corruption