Former insurance regulator chief sentenced to 11 years in jail for taking bribes

Xiang Junbo, former chairman of the China Insurance Regulatory Commission, was sentenced to 11 years in prison for taking bribes by a local court in east China's Jiangsu Province Tuesday.

Xiang was also fined 1.5 million yuan (about US$212,000), according to the Intermediate People's Court of Changzhou City.

All of Xiang's illicit gains has been confiscated and will be turned over to the national treasury, according to the verdict of the court.

The court found that Xiang took undue advantage of multiple posts he had held from 2005 to 2017 and assisted certain organizations and individuals in project contracting, loan handling, qualification approval, and job promotions.

In return, Xiang accepted money and property worth over 18.62 million yuan, according to the court.

The court said that it has given a lenient punishment considering the defendant confessed to his crimes and surrendered his illicit gains.

Xiang accepted his sentencing and pledged not to lodge an appeal.