Ex-JPMorgan China boss Charles Li protests his innocence over intern scandalComments Off on Ex-JPMorgan China boss Charles Li protests his innocence over intern scandal
Charles Li, head of the Hong Kong stock exchange, has hit back at an attempt to implicate him in an intern hiring scandal, when he headed JPMorgan’s Chinese arm.
Li said he could not remember specific aspects of the JPMorgan hiring programme — but that he had followed the rules at all times.
The US Department of Justice launched a criminal investigation in 2013 into claims that JPMorgan had violated the US Foreign Corrupt Practices Act by hiring the relations of powerful Chinese business leaders in order to generate business.
The Wall Street Journal has published emails that appear to show Li considered the wider benefits to the bank of hiring the children or acquaintances of powerful Chinese officials.
However, the emails also show he inquired about candidates’ qualifications before making recommendations, saying he was prepared to risk damaging a client relationship rather than hire an unqualified candidate, and in several cases turned people down.