China’s investigation into the National Integrated Circuit Industry Investment Fund – known in China’s semiconductor industry as the “Big Fund” – continues to gather pace with three more executives under inquiry, according to an announcement by the country’s Central Commission for Discipline Inspection watchdog on Tuesday. Liu Yang and Du Yang, former heads of the “Big Fund”, were both taken for questioning due to alleged criminal activity and Yang Zhengfan, deputy manager of an investment department at the fund, also faces investigation, Caixin reported on Tuesday. The “Big Fund” anti-corruption probe was launched in July this year after the authorities’ September 2021 audit of firms invested in by the fund, sources told Caixin. So far, six senior figures involved with the fund have been put under investigation. [Caixin, in Chinese]
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