It was announced today that the general manager of China's $40 billion Huaan Fund Management, Han Fanghe, was detained by Chinese law enforcement officials in relation to corruption charges. The Huaan Fund is a local partner of Lehman Brothers and a leader in the burgeoning Chinese investment market.

Han Fanghe is thought to be involved in a long-running scheme to steal money from China's social security program. Several other individuals have also been snagged by the government over the last few months in relation to the investigation.

More details here.

-- MDT