Will Piekos and Sharone Tobias look at the top stories in Asia this week.
1. The SEC probes JPMorgan amid allegations that it hired Chinese princelings. The U.S. Justice Department and Securities and Exchange Commission (SEC) has begun an investigation into whether JPMorgan Chase hired the children of senior Chinese officials to help secure business in a now-defunct program called “Sons and Daughters.” The scrutiny began in Hong Kong and now has spread through the bank’s Asia offices; the bank has flagged more than 200 hires for review. JPMorgan has not yet been accused of any illegal acts, but they might have violated the U.S. Foreign Corrupt Practices Act, which forbids granting personal favors to government officials in exchange for business. One example included the son of Tang Shuangning, chairman of a state-run financial conglomerate, who was hired and retained even after other employees questioned his financial expertise. Read more »