According to the latest news from the Hunan Provincial Commission for Discipline Inspection and Supervision on October 25, the Commission has initiated an investigation into serious violations of discipline and law by Wang Xuegao, the former Party Secretary and Chairman of Hunan Hi-Tech Venture Capital Group Co., Ltd. This action was approved by the Hunan Provincial Party Committee.

An investigation revealed that Wang Xuegao had lost his ideals and faith, straying from his original mission. He sought power and personal gain simultaneously, engaging in unethical practices within his role. He consistently attempted to resist organizational scrutiny and blatantly ignored the spirit of the central regulations by improperly accepting gifts and money. Moreover, he failed to report personal matters truthfully, misused his authority to benefit others in personnel appointments, improperly held shares in unlisted companies, and participated in corrupt transactions involving significant sums of money.

Wang has been found to have seriously violated the Party’s political, organizational, and integrity disciplines, constituting severe job-related violations and suspected bribery crimes. His actions after the 18th National Congress have demonstrated a lack of restraint, significantly affecting the Party’s image. As a result, the Hunan Provincial Commission for Discipline Inspection has recommended that he be expelled from the Party, and the Hunan Supervisory Commission has decided to dismiss him from public office. Furthermore, his illicit gains will be confiscated, and his suspected criminal activities will be forwarded to the prosecutor’s office for legal review and prosecution, along with the relevant financial assets involved.