(Yicai Global) April 20 -- The chairman, chief supervisor and four other senior executives at Everbright Securities have been disciplined by the Communist Party Committee of its parent firm in a monumental shake-up of the leading Chinese brokerage for offences that are not yet known.

On the morning of April 18, the Party Committee of state-owned financial conglomerate China Evergrande Group, which is made up of members of the Communist Party of China, announced disciplinary action on six top-ranking executives at Everbright Securities, who are also members of the unit’s Party Committee, Yicai Global learned from a person familiar with the matter.

Chairman Yan Jun and Chief Supervisor Liu Jiping have been kicked out of Everbright Securities’ Party Committee and are likely to be demoted, the person said. Yan is no longer Party Secretary and Liu has been placed on probation within the CCP for a year.

The four others received lighter punishments. Fan Hongbo, secretary of the Discipline Inspection Commission, was given a warning. Liu Qiuming, president and executive director, was given an admonishment and two vice presidents, Wang Zhong and Mei Jian, were criticized.

The problem might have to do with breaking the Party’s anti-corruption rules, the person added.

Yan’s successor has already been determined, the source said. A vice president at sister company Everbright Bank will replace Yan as secretary of the Party Committee and chairman of Everbright Securities. In the meantime, company President Liu Qiuming will fill in.

Everbright Securities’ share price [SHA:601788] was trading down 3.8 percent at CNY11.89 (USD1.86) as of 1:15 p.m. China time today. Earlier in the day it had slumped 5.2 percent to CNY11.71.

Editors: Tang Shihua, Kim Taylor